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<SEC-DOCUMENT>0000900092-09-000389.txt : 20090702
<SEC-HEADER>0000900092-09-000389.hdr.sgml : 20090702
<ACCEPTANCE-DATETIME>20090702124119
ACCESSION NUMBER:		0000900092-09-000389
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090702
DATE AS OF CHANGE:		20090702
EFFECTIVENESS DATE:		20090702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC
		CENTRAL INDEX KEY:			0000894242
		IRS NUMBER:				133690436
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07354
		FILM NUMBER:		09925736

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

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

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<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</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-CSR</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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-07354</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock Investment Quality Municipal Trust, Inc. (BKN)</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">Investment Quality Municipal Trust, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mailing address: 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: 04/30/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/30/2009</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Report to Stockholders</FONT></P>

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<P align=left><FONT size=1 face=DIN-Light,Arial,Helvetica,sans-serif>EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS</FONT><BR>
<BR>
<FONT size=5 face=DIN-Regular,Arial,Helvetica,sans-serif>Annual Report</FONT><BR>
<BR>
<FONT face=DIN-Regular,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT><BR>
<BR>
<FONT color=#0035c4 size=4 face=DIN-Regular,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT><BR>
<BR>
<FONT color=#0035c4 size=4 face=DIN-Regular,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<BR>
<FONT color=#0035c4 size=4 face=DIN-Regular,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT><BR>
<BR>
<FONT color=#0035c4 size=4 face=DIN-Regular,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK)</FONT><BR>
<BR>
<FONT color=#0035c4 size=4 face=DIN-Regular,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT><BR>
<BR>
<FONT color=#0035c4 size=4 face=DIN-Regular,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (BSD)</FONT></P>
<IMG border=0 src="brmuni6ar0409x1x1.jpg">
<BR>
<P align=left><FONT size=1 face=DIN-Light,Arial,Helvetica,sans-serif>NOT FDIC INSURED</FONT><BR>
<BR>
<FONT size=1 face=DIN-Light,Arial,Helvetica,sans-serif>MAY LOSE VALUE</FONT><BR>
<BR>
<FONT size=1 face=DIN-Light,Arial,Helvetica,sans-serif>NO BANK GUARANTEE</FONT></P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Table of Contents</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Page</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dear Shareholder</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Annual Report:</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust Summaries</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Benefits and Risks of Leveraging</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Derivative Instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Statements</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Schedules of Investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements of Assets and Liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements of Operations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements of Changes in Net Assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements of Cash Flows</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Highlights</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>39</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Notes to Financial Statements</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>45</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Report of Independent Registered Public Accounting Firm</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>52</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Important Tax Information</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>53</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Automatic Dividend Reinvestment Plans</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>54</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officers and Directors/Trustees</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Additional Information</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>58</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Dear Shareholder</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The past 12 months reveal a tale of two markets &#151; one of investor pessimism and decided weakness, and another of optimism and some early signs of</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>recovery. The majority of the past year was characterized by the former as the global financial crisis erupted into the worst recession in decades. Economic</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>data were uniformly poor and daily headlines recounted the downfalls of storied financial firms, volatile swings in global financial markets, and monumental</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>government actions that included widespread (and globally coordinated) monetary and quantitative easing by central banks and large-scale fiscal stimuli.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sentiment improved noticeably in March 2009, however, on the back of new program announcements by the Treasury and Federal Reserve Board, as well</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as signs of improved economic performance, such as in retail sales, consumer confidence and select areas of the housing market.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Against this backdrop, US equities contended with unprecedented levels of volatility, posting steep declines early, and then pared some of those losses in</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>March and April. The experience in international markets was similar to that in the United States, though there was a marked divergence in regional perform-</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ance. Notably, emerging economies, which lagged most developed regions through the downturn, were among the market leaders during the late-period rally.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In fixed income markets, while risk aversion remained a dominant theme overall, relatively attractive yields and distressed valuations, alongside a more</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>favorable macro environment, eventually captured investor attention, leading to a modest recovery in non-Treasury assets. A notable example from the</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>opposite end of the credit spectrum was the high yield sector, which generally outperformed in the first four months of 2009 after extraordinary challenges</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and severe underperformance last year. At the same time, the new year ushered in a return to normalcy for the tax-exempt market, which had registered one</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of its worst years on record in 2008.</FONT></P>
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     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>All told, the major benchmark indexes posted mixed results for the current reporting period, reflective of a bifurcated market.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Returns as of April 30, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>6-month</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12-month</FONT></B>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>US equities (S&amp;P 500 Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(8.53)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(35.31)%</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Small cap US equities (Russell 2000 Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(8.40)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(30.74)</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>International equities (MSCI Europe, Australasia, Far East Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2.64)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(42.76)</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>US Treasury securities (Merrill Lynch 10-Year US Treasury Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.98</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.30</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Taxable fixed income (Barclays Capital US Aggregate Bond Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.74</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.84</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax-exempt fixed income (Barclays Capital Municipal Bond Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.20</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.11</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(12.55)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (&#147;Barclays&#148;) in which Barclays&#146; Board of Directors had</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>accepted BlackRock&#146;s offer to acquire Barclays Global Investors (&#147;BGI&#148;). Barclays also notified BlackRock that its Board will recommend the transaction to</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Barclays&#146; shareholders for approval at a special meeting to be held in early August 2009. The combination of BlackRock and BGI will bring together market</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>leaders in active and index strategies to create the preeminent asset management firm. The transaction is expected to close in the fourth quarter 2009</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>following approval by Barclays&#146; shareholders, the receipt of client consents and regulatory approvals, and satisfaction of customary closing conditions.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Through periods of market turbulence, as ever, BlackRock&#146;s full resources are dedicated to the management of our clients&#146; assets. We thank you for entrusting</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock with your investments and look forward to continuing to serve you in the months and years ahead.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sincerely,</FONT></P>
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<P align=left><FONT color=#4d4d4d size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>THIS PAGE NOT PART OF YOUR FUND REPORT</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Trust Summary </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>as of April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc.</FONT></B></P>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Objective</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN) (the &#147;Trust&#148;) </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>seeks to provide high current income which, in the opinion of bond counsel to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>issuer, is exempt from regular federal income tax consistent with the preservation of capital. No assurance can be given that the Trust&#146;s investment objective</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>will be achieved.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trust&#146;s year end was changed to April 30.</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Performance</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the six months ended April 30, 2009, the Trust returned 15.12% based on market price and 13.63% based on net asset value (NAV). For the same</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.50% on a market price basis and 9.58%</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on a NAV basis. All returns reflect reinvestment of dividends. The Trust&#146;s discount to NAV, which narrowed during the period, accounts for the difference</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>between performance based on price and performance based on NAV. The Trust&#146;s slightly longer duration position and lower-rated holdings had a positive</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>impact on performance, as did overweights in the housing and healthcare sectors. Many of these holdings underperformed the market as credit spreads</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>widened and liquidity became scarcer, but then outperformed significantly as the credit markets began to function more normally. The Trust also benefited</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from the opportunities presented by the new-issue market, as anxious issuers, prohibited from issuing debt due to recent market forces, have provided many</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>attractive values in their rush to tap the loosening credit markets. By contrast, an underweight in tax-backed credits and essential service revenue bonds</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>detracted from performance. Both of these sectors outperformed early in the period, so the Trust&#146;s light exposure hurt the total return. The Trust maintains</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a neutral to slightly long duration bias. The Trust maintained moderate levels of cash during the period, which did not significantly impact performance.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
     <TD width="58%"></TD>
     <TD width="29%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Information</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on New York Stock Exchange</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Initial Offering Date</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>February 19, 1993</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of April 30, 2009 ($11.35)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.66%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Equivalent Yield</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.25%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Monthly Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.063</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Annualized Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.756</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage as of April 30, 2009</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>does not guarantee future results.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0755. The Yield on Closing Market Price, Current Monthly</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate is not constant and is subject to further change in the future.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Represents Auction Market Preferred Shares (&#147;Preferred Shares&#148;) and tender option bond trusts (&#147;TOBs&#148;) as a percentage of total managed assets,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The table below summarizes the changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="30%"></TD>
     <TD width="27%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="11%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>High</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Low</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market Price</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.35</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.73%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.47</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$6.59</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net Asset Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.63</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.64</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.30%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.76</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9.10</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following unaudited charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="25%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sector Allocations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School District</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transportation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Education</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="53%"></TD>
     <TD width="27%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>5</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A/A</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B/B</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CCC/Caa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Not Rated</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) or Moody&#146;s Investors</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Service (Moody&#146;s) ratings.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The investment advisor has deemed certain of these securities to be</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of investment grade quality. As of April 30, 2009 and October 31,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008, the market value of these securities was $12,511,098 repre-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 4% and $13,439,579 representing 4%, respectively, of the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Trust Summary </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>as of April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust</FONT></B></P>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Objective</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust (BTA) (the &#147;Trust&#148;) </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>seeks to provide current income which, in the opinion of bond counsel to the issuer, is</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>exempt from regular federal income tax. No assurance can be given that the Trust&#146;s investment objective will be achieved.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trust&#146;s year end was changed to April 30.</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Performance</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the six months ended April 30, 2009, the Trust returned 9.06% based on market price and 15.78% based on net asset value (NAV). For the same period,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.50% on a market price basis and 9.58% on a NAV</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>basis. All returns reflect reinvestment of dividends. The Trust&#146;s discount to NAV, which widened during the period, accounts for the difference between perform-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ance based on price and performance based on NAV. Portfolio positioning, with respect to duration and yield curve, was generally long relative to the Trust&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>peer group. In general, the Trust&#146;s credit profile consistently reflected a high level of exposure to the lower end of the ratings spectrum. While this strategy</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>generates an above-average dividend yield, it also subjects the Trust to additional volatility during periods when credit spreads are fluctuating. Consequently,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>performance tended to suffer late in 2008 when spreads widened, but more recently, the strong rebound in lower-rated bonds allowed the Trust to generate</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a strong competitive return, while maintaining the historically attractive dividend.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
     <TD width="57%"></TD>
     <TD width="29%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Information</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on New York Stock Exchange</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Initial Offering Date</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>February 28, 2006</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of April 30, 2009 ($8.79)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.51%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Equivalent Yield</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.55%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Monthly Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.055</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Annualized Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage as of April 30, 2009</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>does not guarantee future results.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Represents TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to TOBs, minus</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on page 10.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The table below summarizes the changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="30%"></TD>
     <TD width="27%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>High</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Low</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market Price</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.79</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.64%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.90</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$5.42</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net Asset Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9.52</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.57</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9.57</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$7.16</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following unaudited charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="25%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sector Allocations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Education</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School District</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transportation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporate</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="53%"></TD>
     <TD width="27%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>5</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A/A</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B/B</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Not Rated</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The investment advisor has deemed certain of these securities to be</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of investment grade quality. As of April 30, 2009 and October 31,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008, the market value of these securities was $1,468,107 repre-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 1% and $1,594,125 representing 1%, respectively, of the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Trust Summary </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>as of April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust</FONT></B></P>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Objective</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK) (the &#147;Trust&#148;) </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>seeks to provide current income exempt from regular federal income tax and to return $15 per</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>share (the initial public offering price) on or about December 31, 2020. No assurance can be given that the Trust&#146;s investment objective will be achieved.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trust&#146;s year end was changed to April 30.</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Performance</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the four months ended April 30, 2009, the Trust returned 22.54% based on market price and 16.39% based on net asset value (NAV). For the same</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 26.43% on a market price basis and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15.39% on a NAV basis. All returns reflect reinvestment of dividends. The Trust&#146;s premium to NAV, which widened during the period, accounts for the differ-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ence between performance based on price and performance based on NAV. Overall, the Trust performed well as the municipal market recovered from its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008 lows. Out-of-favor sectors, such as hospital, housing and corporate-backed debt, outperformed the general market and the Trust benefited from its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>exposure to these areas. As general market rates declined during the period, liquidity also improved, which resulted in some narrowing of quality spreads.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage magnified the Trust&#146;s positive performance, including income from leverage, as rates reset lower on preferred shares. By contrast, exposure to air-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lines and housing detracted from results, as these issues underperformed in the recessionary environment.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
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     <TD width="9%"></TD>
     <TD width="8%"></TD>
     <TD width="7%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Information</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on New York Stock Exchange</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Initial Offering Date</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>September 30, 2003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Termination Date (on or about)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>December 31, 2020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of April 30, 2009 ($12.70)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.88%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Equivalent Yield</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.05%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Monthly Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.06225</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Annualized Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.74700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage as of April 30, 2009</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>does not guarantee future results.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The distribution is not constant and is subject to change.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Benefits and Risks of Leveraging on page 10.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The table below summarizes the changes in the Trust&#146;s market price and net asset value per share:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>High</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Low</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market Price</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.70</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.57</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20.15%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$13.47</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.46</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net Asset Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.04</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.55</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14.12%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.04</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.55</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following unaudited charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="25%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sector Allocations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School District</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Education</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transportation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="53%"></TD>
     <TD width="27%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>5</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22%</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A/A</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B/B</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CC/Ca</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Not Rated</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The investment advisor has deemed certain of these securities to be</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of investment grade quality. As of April 30, 2009 and December 31,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008, the market value of these securities was $5,768,611 repre-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 1% and $5,382,113 representing 1%, respectively, of the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Trust Summary </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>as of April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust</FONT></B></P>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Objective</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK) (the &#147;Trust&#148;) </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>regular federal income tax. No assurance can be given that the Trust&#146;s investment objective will be achieved.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trust&#146;s year end was changed to April 30.</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Performance</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the six months ended April 30, 2009, the Trust returned 32.34% based on market price and 11.15% based on net asset value (NAV). For the same</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.50% on a market price basis and 9.58%</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which accounts for the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>difference between performance based on price and performance based on NAV. Portfolio positioning, with respect to duration and yield curve, was gener-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ally long relative to the Trust&#146;s peer group. In general, the Trust&#146;s credit profile consistently reflected a high level of exposure to the lower end of the ratings</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>spectrum. While this strategy generates an above-average dividend yield, it also subjects the Trust to additional volatility during periods when credit spreads</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are fluctuating. Consequently, performance tended to suffer late in 2008 when spreads widened, but more recently, the strong rebound in lower-rated bonds</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>allowed the Trust to generate a strong competitive return, while maintaining the historically attractive dividend.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
     <TD width="60%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Information</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on New York Stock Exchange</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Initial Offering Date</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>July 27, 2001</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of April 30, 2009 ($11.10)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Equivalent Yield</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Monthly Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0686</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Annualized Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.8232</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage as of April 30, 2009</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>does not guarantee future results.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.0786. The Yield on Closing Market Price, Current Monthly</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate is not constant and is subject to further change in the future.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Benefits and Risks of Leveraging on page 10.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The table below summarizes the changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="30%"></TD>
     <TD width="27%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="11%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>High</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Low</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market Price</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.10</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.75</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26.86%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.10</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$6.61</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net Asset Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.74</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.08</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.55%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.76</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.61</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following unaudited charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="25%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sector Allocations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transportation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Education</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School District</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="53%"></TD>
     <TD width="27%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>5</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A/A</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B/B</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CCC/Caa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Not Rated</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The investment advisor has deemed certain of these securities to be</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of investment grade quality. As of April 30, 2009 and October 31,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008, the market value of these securities was $17,649,155 repre-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 2% and $18,626,721 representing 2%, respectively, of the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Trust Summary </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>as of April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust</FONT></B></P>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Objective</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust (BPS) (the &#147;Trust&#148;) </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>seeks to provide monthly income that is exempt from regular federal and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania income taxes. No assurance can be given that the Trust&#146;s investment objective will be achieved.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trust&#146;s year end was changed to April 30.</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Performance</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the four months ended April 30, 2009, the Trust returned 19.18% based on market price and 12.28% based on net asset value (NAV). For the same</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 26.92% on a market price basis and 15.57% on a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>NAV basis. All returns reflect reinvestment of dividends. The Trust&#146;s discount to NAV, which narrowed during the period, accounts for the difference between</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>performance based on price and performance based on NAV. During the period, progress was made toward improving credit quality and reducing high levels</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of cash by purchasing several new issue securities with ratings ranging from AA to AAA. On the whole, Trust performance was negatively affected by further</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>price deterioration in multi-family housing holdings and a low distribution yield. At period end, the Trust&#146;s cash position remains elevated and will be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>deployed opportunistically. The portfolio&#146;s interest rate sensitivity is such that it will outperform in a stable- to lower-interest-rate environment.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
     <TD width="58%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Information</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on American Stock Exchange</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Initial Offering Date</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>August 25, 1999</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of April 30, 2009 ($9.85)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.48%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Equivalent Yield</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.43%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Monthly Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Annualized Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.540</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage as of April 30, 2009</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>does not guarantee future results.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.05. The Yield on Closing Market Price, Current Monthly</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate is not constant and is subject to further change in the future.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Risks of Leveraging on page 10.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The table below summarizes the changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="30%"></TD>
     <TD width="27%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>High</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Low</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market Price</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.85</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.98%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.15</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.42</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net Asset Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.87</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.77</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.21%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.04</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.77</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following unaudited charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="25%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sector Allocations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24%</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School District</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transportation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Education</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporate</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="53%"></TD>
     <TD width="27%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>5</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>39</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A/A</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Not Rated</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The investment advisor has deemed certain of these securities to be</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of investment grade quality. As of April 30, 2009 and December 31,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008, the market value of these securities was $1,623,020 repre-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 4% and $1,604,974 representing 4%, respectively, of the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust's long-term investments.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Trust Summary </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>as of April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust</FONT></B></P>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Objective</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (BSD) (the &#147;Trust&#148;) </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>seeks to provide high current income exempt from regular federal income tax, consistent with the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preservation of capital. No assurance can be given that the Trust&#146;s investment objective will be achieved.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trust&#146;s year end was changed to April 30.</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Performance</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the four months ended April 30, 2009, the Trust returned 27.11% based on market price and 13.44% based on net asset value (NAV). For the same</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 26.43% on a market price basis and 15.39%</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on a NAV basis. All returns reflect reinvestment of dividends. The Trust&#146;s discount to NAV, which narrowed during the period, accounts for the difference</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>between performance based on price and performance based on NAV. Portfolio positioning with respect to duration and yield curve has generally been long</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>relative to the peer group. In general, the Trust&#146;s credit profile has consistently reflected a high level of exposure to the lower end of the ratings spectrum. While</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>this strategy generates an above-average dividend yield, it also subjects the portfolio to additional volatility during periods when credit spreads are fluctuating.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>As a consequence, performance tended to suffer early this year when spreads widened, but more recently, the strong rebound in lower-rated bonds has</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>allowed the Trust to generate a strong competitive return, while maintaining the historically attractive dividend.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>views are not intended to be a forecast of future events and are no guarantee of future results.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
     <TD width="58%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Information</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on New York Stock Exchange</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BSD</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Initial Offering Date</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>August 25, 1999</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of April 30, 2009 ($10.15)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.39%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Equivalent Yield</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.37%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Monthly Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0625</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Annualized Distribution per Common Share</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.7500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage as of April 30, 2009</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>does not guarantee future results.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Monthly Distribution per Share, declared on June 1, 2009, was increased to $0.07. The Yield on Closing Market Price, Current Monthly</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate is not constant and is subject to further change in the future.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attribu-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>table to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Benefits and Risks of Leveraging on page 10.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The table below summarizes the changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="30%"></TD>
     <TD width="27%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="11%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>High</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Low</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market Price</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.15</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23.93%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.42</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.19</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net Asset Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.95</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9.90</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.61%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.01</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9.90</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following unaudited charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="25%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sector Allocations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19%</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School District</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transportation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Education</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="53%"></TD>
     <TD width="27%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Credit Quality Allocations</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>5</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>12/31/08</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>31%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A/A</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B/B</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CCC/Caa</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Not Rated</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The investment advisor has deemed certain of these securities to be</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of investment grade quality. As of April 30, 2009 and December 31,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008, the market value of these securities was $2,678,936 repre-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 2% and $2,687,323 representing 2%, respectively, of the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>The Benefits and Risks of Leveraging</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts may utilize leverage to seek to enhance the yield and NAV of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>their Common Shares. However, these objectives cannot be achieved in all</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>interest rate environments.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>To leverage, all Trusts, except BlackRock Long-Term Municipal Advantage</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust, issue Preferred Shares, which pay dividends at prevailing short-term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>interest rates, and invest the proceeds in long-term municipal bonds. In</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>general, the concept of leveraging is based on the premise that the cost of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets to be obtained from leverage will be based on short-term interest</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, which normally will be lower than the income earned by each Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on its longer-term portfolio investments. To the extent that the total assets</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of each Trust (including the assets obtained from leverage) are invested in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>higher-yielding portfolio investments, each Trust&#146;s Common Shareholders</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>will benefit from the incremental yield.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>To illustrate these concepts, assume a Trust&#146;s Common Shares capitalization</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>is $100 million and it issues Preferred Shares for an additional $50 million,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>creating a total value of $150 million available for investment in long-term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>municipal bonds. If prevailing short-term interest rates are 3% and long-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>term interest rates are 6%, the yield curve has a strongly positive slope. In</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>this case, the Trust pays dividends on the $50 million of Preferred Shares</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>based on the lower short-term interest rates. At the same time, the Trust&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total portfolio of $150 million earns the income based on long-term inter-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>est rates. In this case, the dividends paid to Preferred Shareholders are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>significantly lower than the income earned on the Trust&#146;s long-term invest-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, and therefore the Common Shareholders are the beneficiaries of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the incremental yield.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Conversely, if prevailing short-term interest rates rise above long-term inter-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>est rates of 6%, the yield curve has a negative slope. In this case, the Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>pays dividends on the higher short-term interest rates whereas the Trust&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total portfolio earns income based on lower long-term interest rates. If</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>short-term interest rates rise, narrowing the differential between short-term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and long-term interest rates, the incremental yield pickup on the Common</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shares will be reduced or eliminated completely.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Furthermore, the value of the Trust&#146;s portfolio investments generally varies</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>inversely with the direction of long-term interest rates, although other factors</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>can influence the value of portfolio investments. In contrast, the redemption</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>value of the Trust&#146;s Preferred Shares do not fluctuate in relation to interest</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates. As a result, changes in interest rates can influence the Trust&#146;s NAV</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>positively or negatively in addition to the impact on Trust performance from</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>leverage from Preferred Shares discussed above.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts may also from time to time, leverage their assets through the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>use of tender option bond (&#147;TOB&#148;) programs, as described in Note 1 of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Notes to Financial Statements. TOB investments generally will provide</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trusts with economic benefits in periods of declining short-term interest</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, but expose the Trusts to risks during periods of rising short-term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>interest rates similar to those associated with Preferred Shares issued by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trusts, as described above. Additionally, fluctuations in the market value</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of municipal bonds deposited into the TOB trust may adversely affect each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s NAVs per share.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The use of leverage may enhance opportunities for increased returns to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts and Common Shareholders, but as described above, it also creates</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>risks as short- or long-term interest rates fluctuate. Leverage also will gen-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>erally cause greater changes in a Trust&#146;s NAV, market price and dividend</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate than a comparable portfolio without leverage. If the income derived</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from securities purchased with assets received from leverage exceeds the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cost of leverage, the Trusts&#146; net income will be greater than if leverage had</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>not been used. Conversely, if the income from the securities purchased is</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>not sufficient to cover the cost of leverage, the Trusts&#146; net income will be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>less than if leverage had not been used, and therefore the amount avail-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>able for distribution to Common Shareholders will be reduced. The Trusts</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may be required to sell portfolio securities at inopportune times or below</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fair market values in order to comply with regulatory requirements applica-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ble to the use of leverage or as required by the terms of leverage instru-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, which may cause the Trusts to incur losses. The use of leverage may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>limit the Trusts&#146; ability to invest in certain types of securities or use certain</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>types of hedging strategies, such as in the case of certain restrictions</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>imposed by ratings agencies that rate preferred shares issued by the Trusts.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts will incur expenses in connection with the use of leverage, all of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which are borne by the holders of the Common Shares and may reduce</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>returns on the Common Shares.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Under the Investment Company Act of 1940, the Trusts are permitted to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>issue Preferred Shares in an amount of up to 50% of their total managed</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets at the time of issuance. Under normal circumstances, each Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>anticipates that the total economic leverage from Preferred Shares and/or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>TOBs will not exceed 50% of its total managed assets at the time such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>leverage is incurred. As of April 30, 2009, the Trusts had economic leverage</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from Preferred Shares and/or TOBs as a percentage of their total managed</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="71%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Percent of</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Leverage</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Derivative Instruments</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts may invest in various derivative instruments, including swap</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>agreements and futures, and other instruments specified in the Notes to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Statements, which constitute forms of economic leverage. Such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>instruments are used to obtain exposure to a market without owning or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>taking physical custody of securities or to hedge market and/or interest</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate risks. Such derivative instruments involve risks, including the imperfect</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>correlation between the value of a derivative instrument and the under-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lying asset, possible default of the other party to the transaction and illiq-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>uidity of the derivative instrument. The Trusts&#146; ability to successfully use</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a derivative instrument depends on the Advisor&#146;s ability to accurately pre-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dict pertinent market movements, which cannot be assured. The use of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>derivative instruments may result in losses greater than if they had not</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>been used, may require the Trusts to sell or purchase portfolio securities at</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>inopportune times or for prices other than current market values, may limit</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the amount of appreciation the Trusts can realize on an investment or may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cause the Trusts to hold a security that it might otherwise sell. The Trusts&#146;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments in these instruments are discussed in detail in the Notes to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="65%"></TD>
     <TD width="15%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Arizona &#151; 5.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Glendale, Arizona, Municipal Property Corporation,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Excise Tax Revenue Refunding Bonds, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 7/01/32 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,080,563</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Goodyear, Arizona, GO, 4.25%, 7/01/36 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,125</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,872,210</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mohave County, Arizona, Unified School District</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Number 20 (Kingman), School Improvement Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Project of 2006), Series C, 5%, 7/01/26 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,843,146</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corporation, Arizona, Senior Gas</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,035</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>718,694</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,089,098</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Luis, Arizona, Facilities Development Corporation,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior Lien Revenue Bonds (Regional Detention</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Center Project):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 5/01/15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>423,228</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%, 5/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>406,911</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.25%, 5/01/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>980</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>786,568</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,220,418</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 24.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California County Tobacco Securitization Agency, Tobacco</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Stanislaus County Tobacco Funding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation), Sub-Series C, 6.3%, 6/01/55 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,090</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>43,603</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State Department of Veteran Affairs,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Home Purchase Revenue Bonds, AMT, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,367,350</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, GO:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 4/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,052,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 3/01/33 (d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,626,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,167,989</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, GO, Refunding:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 2/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,340</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,956,161</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,545</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,216,078</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dinuba, California, Unified School District, GO</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Election of 2006) (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.625%, 8/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>253,182</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 8/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>535</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>543,646</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foothill/Eastern Corridor Agency, California, Toll Road</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.875%, 7/15/28 (e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,666,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 1/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,495</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,509,130</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Golden State Tobacco Securitization Corporation of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California, Tobacco Settlement Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Senior Series A-1, 5.125%, 6/01/47</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>805</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>413,456</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Altos, California, School District, GO (Election of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1998), Series B, 5.93%, 8/01/13 (c)(f)(g)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,945</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,391,398</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sacramento County, California, Airport System Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, AMT, Senior Series A, 5%, 7/01/41 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,858,280</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Diego, California, Community College District, GO</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Election of 2002), CABS, 6.00%, 8/01/19 (e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,295,804</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California Revenue Bonds, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 5/15/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,185</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,845,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>47,206,027</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="14%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 1.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Poudre Valley Health Care), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 3/01/36 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,651,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Springs, Colorado, Utilities System Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Subordinate Lien, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/15/45 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,030</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,019,731</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,671,171</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Connecticut &#151; 0.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mashantucket Western Pequot Tribe, Connecticut,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Revenue Refunding Bonds, Sub-Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 9/01/28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,534,410</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>District of Columbia &#151; 1.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia Tobacco Settlement Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Asset-Backed Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 5/15/33</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,960</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,787,059</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida &#151; 12.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FishHawk Community Development District II, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Assessment and Tax Allocation Bonds, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.125%, 5/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,990</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,516,241</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hillsborough County, Florida, IDA, Exempt Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (National Gypsum Company), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 7.125%, 4/01/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,900,579</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach, Florida, Health Facilities Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Mount Sinai Medical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Center of Florida), 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,770</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,830,478</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami-Dade County, Florida, Special Obligation Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Sub-Series A (c)(f):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.19%, 10/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,380</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>639,631</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.20%, 10/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,225</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>737,474</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.21%, 10/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>643,640</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.21%, 10/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>665,199</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.22%, 10/01/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>671,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.23%, 10/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,239,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.24%, 10/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,096,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Orange County, Florida, Tourist Development, Tax Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, 4.75%, 10/01/32 (h)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,539,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sumter Landing Community Development District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Recreational Revenue Bonds, Sub-Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.70%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,685</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,287,316</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village Community Development District Number 5,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Special Assessment Bonds, 5.625%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,370</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,240,253</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,007,611</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Georgia &#151; 1.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Atlanta, Georgia, Water and Wastewater Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/01/34 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,482,945</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Main Street Natural Gas, Inc., Georgia, Gas Project</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 6.375%, 7/15/38 (i)(j)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>372,510</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Milledgeville-Baldwin County, Georgia, Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Georgia College and State</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Foundation), 6%, 9/01/14 (g)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,819,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,675,045</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="31%"></TD>
     <TD width="9%"></TD>
     <TD width="27%"></TD>
     <TD width="8%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Portfolio Abbreviations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>To simplify the listings of portfolio holdings in</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>AMT</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>IDA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Industrial Development Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Schedules of Investments, the names and</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>CABS</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Capital Appreciation Bonds</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>IDB</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Industrial Development Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>descriptions of many of the securities have been</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>COP</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Certificates of Participation</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>IDR</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Industrial Development Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>abbreviated according to the list on the right.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>EDA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Economic Development Authority</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>M/F</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Multi-Family</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>EDR</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Economic Development Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>PCR</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pollution Control Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>GO</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>General Obligation Bonds</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>PILOT</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Payment in Lieu of Taxes</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>HDA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing Development Authority</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>S/F</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Single-Family</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>HFA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing Finance Agency</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>VRDN</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Variable Rate Demand Notes</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Hawaii &#151; 1.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hawaii State Department of Budget and Finance, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Purpose Revenue Refunding Bonds (Hawaiian Electric</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company, Inc.), AMT, Series D, 6.15%, 1/01/20 (k)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,429,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Idaho &#151; 1.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Idaho HFA, Grant and Revenue Anticipation Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Federal Highway Trust Fund), Series A, 5%, 7/15/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>909,981</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Idaho Health Facilities Authority, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Trinity Health Group), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 12/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,607,825</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,517,806</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 11.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bolingbrook, Illinois, GO, Refunding, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 1/01/38 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,682,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CenterPoint Intermodal Center Program Trust, Illinois, Tax</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allocation Bonds, Class A, 10%, 6/15/23 (l)(x)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,920</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,501,555</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago, Illinois, Public Building Commission, Building</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 7%, 1/01/20 (f)(m)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,490,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Municipal Electric Agency, Power Supply Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, 4.50%, 2/01/35 (f)(n)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>886,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority Revenue Bonds, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Friendship Village of Schaumburg),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.625%, 2/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>690</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>389,312</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Monarch Landing, Inc. Project), 7%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,155</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>699,711</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Northwestern Memorial Hospital),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/15/14 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,772,428</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority, Student Housing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (MJH Education Assistance IV LLC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series B, 5.375%, 6/01/35 (i)(j)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>68,845</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,491,081</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kansas &#151; 0.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dodge City, Kansas, Sales Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/34 (b)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,300</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,285,284</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kentucky &#151; 4.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kentucky Economic Development Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System Revenue Refunding Bonds (Norton</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Healthcare, Inc.), Series B, 6.191%, 10/01/23 (c)(f)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,425,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kentucky Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Louisville Arena Project Revenue Bonds (Louisville Arena</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Inc.), Sub-Series A-1, 6%, 12/01/38 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>721,196</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Louisville and Jefferson County, Kentucky, Metropolitan</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Government Health Facilities, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Jewish Hospital and Saint Mary&#146;s HealthCare),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.125%, 2/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,239,335</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,385,911</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Louisiana &#151; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>East Baton Rouge, Louisiana, Sewerage Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Series A, 5.25%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>due 2/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>976,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Maryland &#151; 2.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland State Community Development Administration,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Department of Housing and Community Development,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Residential Revenue Refunding Bonds, AMT, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.80%, 9/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,575,080</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland State Health and Higher Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Mortgage Revenue Refunding Bonds (Western</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland Health System), 4.75%, 7/01/36 (f)(o)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>646,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland State Health and Higher Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (MedStar</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health, Inc.), 5.50%, 8/15/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,740</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,642,038</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,863,663</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="70%"></TD>
     <TD width="10%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Michigan &#151; 3.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Building Authority, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Facilities Program), Series I, 6.25%, 10/15/38 $</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,875</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,023,181</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Hospital Finance Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Henry Ford Health System), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 11/15/46</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,670</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,249,594</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Royal Oak, Michigan, Hospital Finance Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (William Beaumont Hospital),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.25%, 9/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,750</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,060,090</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,332,865</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Minnesota &#151; 1.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Minneapolis, Minnesota, Health Care System, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Fairview Health Services), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 11/15/38 (b)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,794,910</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Mississippi &#151; 4.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mississippi Development Bank, Special Obligation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (b):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Jackson County Limited Tax Note), 5.50%, 7/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,655</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,687,789</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Jones County Junior College), 5.125%, 3/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,543,335</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Southern Mississippi Education Building</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation Revenue Bonds (Campus Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Improvements Project), 5.375%, 9/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,750</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,825,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,056,874</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Missouri &#151; 4.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri Joint Municipal Electric Utility Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Power Project Revenue Bonds (Plum Point Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.60%, 1/01/36 (f)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,820</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,011,421</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri State Health and Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health Facilities Revenue Bonds (Saint Luke&#146;s Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System), Series A, 5.50%, 11/15/35 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,207,932</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri State Housing Development Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>S/F Mortgage Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Homeownership Loan Program), AMT, Series B-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.05%, 3/01/38 (p)(q)(r)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,590</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,556,172</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,775,525</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Multi-State &#151; 5.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (l)(s)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,358,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (l)(s)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,599,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,957,530</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nebraska &#151; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Omaha Public Power District, Nebraska, Electric System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 4.75%, 2/01/44</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,765</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,590,943</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nevada &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Clark County, Nevada, EDR, Refunding (Alexander</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dawson School of Nevada Project), 5%, 5/15/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,065</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,886,667</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey &#151; 6.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Middlesex County, New Jersey, Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Subordinate Revenue Bonds (Heldrich Center Hotel/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Conference Project), Series B, 6.25%, 1/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,510</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>761,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Cigarette Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 6/15/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,169,290</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 7/01/27 (f)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,132,382</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey Health Care Facilities Financing Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Virtua Health), 5.50%, 7/01/38 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,208,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey State Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (University of Medicine and Dentistry),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.125%, 12/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>950</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>986,946</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.50%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,225</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,248,287</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey State Housing and Mortgage Finance Agency</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series AA, 6.50%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,328,588</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,835,076</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_14"></A>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 12.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Albany, New York, IDA, Civic Facility Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(New Covenant Charter School Project), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%, 5/01/35</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 725</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 452,501</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hudson Yards Infrastructure Corporation, New York,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 5%, 2/15/47 (n)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,144,654</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long Island Power Authority, New York, Electric System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series C, 5.25%, 9/01/29 (d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,007,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long Island Power Authority, New York, Electric System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Series A, 6.25%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>480</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>526,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Transportation Authority, New York, Dedicated</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Fund Revenue Bonds, Series B, 5%, 11/15/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,164,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Transportation Authority, New York, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series A, 5%, 11/15/25 (f)(n)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>754,575</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City IDA, PILOT Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Queens Baseball Stadium Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 1/01/46 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,100</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,205,303</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City IDA, Special Facility Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (American Airlines, Inc. &#151; JFK International</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport), AMT, 7.625%, 8/01/25 (x)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,981,356</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Second General Resolution, Water and Sewer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Bonds, Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>841,496</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Water and Sewer System Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.75%, 6/15/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>751,569</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Transitional Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Building Aid Revenue Bonds, Series S-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 7/15/24 (f)(n)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,007,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York Liberty Development Corporation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Goldman Sachs Headquarters),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 10/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,639,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Dormitory Authority, Non-State Supported</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Debt Revenue Bonds (Rochester Institute of Technology),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6%, 7/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,625</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,707,826</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Dormitory Authority, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (University of Rochester), Series A (e)(f)(g):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 7/01/10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,865</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,859,424</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.05%, 7/01/10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,030</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,023,930</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Dormitory Authority, State Personal Income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Revenue Bonds (Education), Series A, 5%, 3/15/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,263,815</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State, GO, Series A, 5%, 2/15/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>950</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>960,935</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Port Authority of New York and New Jersey, Consolidated</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, AMT, 152nd Series,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 11/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,007,190</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,300,254</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>North Carolina &#151; 2.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gaston County, North Carolina, Industrial Facilities and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pollution Control Financing Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (National Gypsum Company Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 8/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,425</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,161,575</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina Medical Care Commission, Health Care</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities Revenue Bonds (WakeMed), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.875%, 10/01/38 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,025,310</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina Medical Care Commission, Health Care</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities, Revenue Refunding Bonds (University Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System), Series D, 6.25%, 12/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,750</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,844,010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,030,895</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio &#151; 6.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Municipal Power, Inc., Ohio, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Prairie State Energy Campus Project), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.625%, 2/15/36 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,430</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,449,319</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Buckeye Tobacco Settlement Financing Authority, Ohio,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco Settlement Asset-Backed Bonds, Series A-2,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 6/01/47</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,870</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,155,099</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cuyahoga County, Ohio, Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 1/01/20</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,485</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,615,757</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 1/01/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,166,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio State Air Quality Development Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Dayton Power and Light Company</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), Series B, 4.80%, 1/01/34 (n)(t)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,508,655</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,895,530</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Oklahoma &#151; 1.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tulsa, Oklahoma, Municipal Airport Trust, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series A, 7.75%, 6/01/35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,449,717</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 6.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware River Port Authority of Pennsylvania and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey Revenue Bonds (Port District Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 5.70%, 1/01/22 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,008,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>McKeesport, Pennsylvania, Area School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding (c)(n):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.53%, 10/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,435</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>608,093</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.53%, 10/01/31 (m)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>870</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>288,788</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Exempt Facilities Revenue Bonds, AMT, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Amtrak Project), 6.25%, 11/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,555,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Amtrak Project), 6.375%, 11/01/41</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,100</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,370,012</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Reliant Energy), 6.75%, 12/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,380</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,869,409</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,700,002</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Puerto Rico &#151; 2.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Electric Power Authority, Power Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series UU, 5%, 7/01/23 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,938,628</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Housing Financing Authority, Capital Funding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Program, Subordinate Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.125%, 12/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,519,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,458,303</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Rhode Island &#151; 1.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rhode Island State Health and Educational Building</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Hospital Revenue Bonds (Lifespan</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Obligation Group), Series A, 7%, 5/15/39 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,224,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rhode Island State Health and Educational Building</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Hospital Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Lifespan Obligation Group), 5.50%, 5/15/16 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200,012</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,424,682</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>South Carolina &#151; 5.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Housing Finance and Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Mortgage Revenue Refunding Bonds, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A-2, 5.15%, 7/01/37 (k)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,975</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,554,115</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs EDA, Hospital Facilities Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Palmetto Health Alliance):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.25%, 8/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,185</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,910,389</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 6.875%, 8/01/13 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,560</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,238,714</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 6.875%, 8/01/13 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>440</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>518,976</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,222,194</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tennessee &#151; 2.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Memphis-Shelby County, Tennessee, Airport Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport Revenue Bonds, AMT, Series D, 6%, 3/01/24 (k)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,865</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,876,238</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 12.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Grapevine, Texas, GO, 5.875%, 8/15/10 (g)(n)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,403,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County-Houston Sports Authority, Texas,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Senior Lien, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.171%, 11/15/38 (c)(f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>511,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County, Texas, Health Facilities Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Hospital Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Memorial Hermann Healthcare System), Series B:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.125%, 12/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,057,880</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.25%, 12/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,650</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,809,344</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>13</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_15"></A>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="65%"></TD>
     <TD width="15%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lower Colorado River Authority, Texas, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 5/15/13 (f)(g)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 22,701</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 5/15/36 (k)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,595</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,293,236</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 5/15/13 (f)(g)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County, Texas, Municipal Utility District</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Number 46, Waterworks and Sewer System, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 3/01/30 (f)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>355</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>333,508</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Antonio Energy Acquisition Public Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Texas, Gas Supply Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/01/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,179,230</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, Central Texas Turnpike</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Bonds (k):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.053%, 8/15/31 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,313,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>First Tier, Series A, 5%, 8/15/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,325</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,921,212</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State, Water Financial Assistance, GO, Refunding,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 8/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,033,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,884,726</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 0.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco Settlement Financing Corporation of Virginia,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Senior Series B-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/47</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,549,238</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 1.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>King County, Washington, Sewer Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, 5%, 1/01/36 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200,436</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington State Health Care Facilities Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (MultiCare Health System), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 8/15/39 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,124,528</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,324,964</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wisconsin &#151; 1.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Aurora Health Care, Inc.),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.40%, 4/15/33</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,220</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,864,319</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wyoming &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wyoming Community Development Authority, Housing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, AMT, Series 3, 4.75%, 12/01/37</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,145</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,821,770</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 155.5%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>306,084,498</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (u)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 2.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Catholic Health), Series C-7, 5%, 9/01/36 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,038,215</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 1.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago, Illinois, Housing Authority, Capital Program</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, 5%, 7/01/24 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,194</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,206,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Massachusetts &#151; 1.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts State Water Resource Authority, General</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Series A, 5%, 8/01/41</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,070</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,035,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 1.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Dormitory Authority, Non-State Supported</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Debt Revenue Bonds (New York University), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 07/01/38</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,359</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,323,191</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="63%"></TD>
     <TD width="17%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (u)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio &#151; 2.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County, Ohio, Revenue Bonds (Catholic</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health Initiatives), Series C-1, 5%, 10/01/41 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,740</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,589,438</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio State Higher Educational Facilities Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital Revenue Bonds (University Hospitals Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System), Series A, 5.25%, 01/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,541,240</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,130,678</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#151; 9.5%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,734,804</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $356,877,666) &#151; 165.0%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>324,819,302</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Money Market Fund &#151; 5.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund, 0.72% (v)(w)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,400,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $11,400,000) &#151; 5.8%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $368,277,666*) &#151; 170.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>336,219,302</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liabilities in Excess of Other Assets &#151; (1.1)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,280,214)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expense and Fees Payable &#151; (5.2)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(10,156,833)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#151; (64.5)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(126,971,191)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$196,811,064</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$357,463,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10,168,356</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(41,550,213)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (31,381,857)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(a) FSA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) Assured Guaranty Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) CIFG Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Represents a step up bond that pays an initial coupon rate for the first period and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>then a higher coupon rate for the following periods. Rate shown reflects the current</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>yield as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) NPFGC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) US government securities, held in escrow, are used to pay interest on this security</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as well as to retire the bond in full at the date indicated, typically at a premium</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to par.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) XL Capital Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) Non-income producing security.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) AMBAC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(l) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(m) Security is collateralized by Municipal or US Treasury Obligations.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(n) FGIC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(o) FHA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(p) FHLMC Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(q) FNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(r) GNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(s) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>trust is federally tax-exempt revenue bonds issued by various state or local govern-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(t) BHAC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(u) Securities represent bonds transferred to a tender option bond trust in exchange for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lateral in a financing transaction. See Note 1 of the Notes to Financial Statements</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(v) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="30%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Affiliate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Activity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,000,000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 151,279</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(w) Represents the current yield as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(x) Variable rate security. Rate shown is as of report date.</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Effective November 1, 2008, the Trust adopted Financial Accounting Standards</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Statement of Financial Accounting Standards No. 157, &#147;Fair Value Measure-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments&#148; (&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, establishes a</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>framework for measuring fair values and requires additional disclosures about the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>use of fair value measurements. Various inputs are used in determining the fair</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>value of investments, which are as follows:</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets in markets that are not active, inputs other than quoted prices</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that are observable for the assets or liabilities (such as interest rates, yield</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>curves, volatilities, prepayment speeds, loss severities, credit risks and default</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of April 30, 2009 in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="53%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>324,819,302</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$336,219,302</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>15</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="65%"></TD>
     <TD width="15%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Arizona &#151; 5.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Phoenix and Pima County, Arizona, IDA, S/F Mortgage</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, AMT, Series 2007-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 8/01/38 (a)(b)(c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,762</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,788,809</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County, Arizona, IDA, Education Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(American Charter Schools Foundation), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.625%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,119,807</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County, Arizona, IDA, Education Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Arizona Charter Schools Project), Series O,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 7/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>569,160</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corporation, Arizona, Senior Gas</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,284,622</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,590</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,744,987</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,507,385</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 5.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Educational Facilities Authority Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (University of Southern California), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>835</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>868,308</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California HFA, Home Mortgage Revenue Bonds, AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series G, 5.50%, 8/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,890,868</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series K, 5.50%, 2/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,135</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,109,122</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, GO, 6.50%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,184,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Diego, California, Community College District, GO</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Election of 2002), 5.25%, 8/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>353,287</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,406,405</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 2.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado HFA, Revenue Refunding Bonds (Adventist</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System/Sunbelt Obligor Group), Series D,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.125%, 11/15/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,249,025</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Range Metropolitan District Number 2, Colorado,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Limited Tax, GO, 5.50%, 12/15/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,200</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>614,952</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,863,977</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>District of Columbia &#151; 12.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia Tobacco Settlement Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Asset-Backed Revenue Refunding Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 5/15/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,940</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,581,877</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 5/15/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,310</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,162,451</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,744,328</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida &#151; 3.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jacksonville, Florida, Health Facilities Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Baptist Medical Center Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 8/15/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>845</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>662,852</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Orange County, Florida, Health Facilities Authority, First</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mortgage Revenue Bonds (Orlando Lutheran Towers),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>672,002</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sarasota County, Florida, Health Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Retirement Facility Revenue Refunding Bonds (Village</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the Isle Project), 5.50%, 1/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>520</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>334,168</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sumter Landing Community Development District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Recreational Revenue Bonds, Sub-Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.70%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,435</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>890,719</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tolomato Community Development District, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Assessment Bonds, 6.65%, 5/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,176,893</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Watergrass Community Development District, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Assessment Revenue Bonds, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.375%, 5/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,850</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>871,091</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,607,725</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="15%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Georgia &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Main Street Natural Gas, Inc., Georgia, Gas Project</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 6.375%, 7/15/38 (d)(e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 217,918</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rockdale County, Georgia, Development Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Visy Paper Project), AMT, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.125%, 1/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,062,224</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,280,142</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 2.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority Revenue Bonds (Monarch</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Landing, Inc. Project), Series A, 7%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>351,370</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority, Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Proctor Hospital), Series A, 5.125%, 1/01/25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,973,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,325,290</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Indiana &#151; 1.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware County, Indiana, Hospital Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Cardinal Health System Obligated</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Group), 5.25%, 8/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,261,560</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Health and Educational Facilities Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Hospital Revenue Bonds (Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foundation of Northwest Indiana), 5.50%, 3/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>542,626</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Municipal Power Agency, Power Supply System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series B, 6%, 1/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>360,573</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,164,759</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kansas &#151; 0.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lenexa, Kansas, Health Care Facility, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, 5.50%, 5/15/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>650</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>400,640</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Louisiana &#151; 2.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Louisiana Local Government Environmental Facilities and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Community Development Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Westlake Chemical Corporation), 6.75%, 11/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,392,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Saint Tammany Parish, Louisiana, Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>S/F Mortgage Revenue Bonds (Home Ownership</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Program), Series A, 5.25%, 12/01/39 (a)(b)(c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,334</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,302,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,694,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Maryland &#151; 0.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland State Health and Higher Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (King Farm Presbyterian</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Community), Series B, 5%, 1/01/17</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>772,830</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Michigan &#151; 1.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Garden City, Michigan, Hospital Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital Revenue Refunding Bonds (Garden City</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital Obligation), Series A, 5%, 8/15/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>845,552</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Royal Oak, Michigan, Hospital Finance Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (William Beaumont</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital), 8.25%, 9/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,400</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,557,864</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,403,416</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Missouri &#151; 1.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri State Housing Development Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>S/F Mortgage Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Homeownership Loan Program), AMT, Series B-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.05%, 3/01/38 (a)(b)(c)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,185</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,168,897</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Montana &#151; 0.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Two Rivers Authority Inc., Montana, Senior Lien Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Correctional Facilities Project) (d):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.25%, 11/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>292,620</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.375%, 11/01/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>507,156</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>799,776</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey &#151; 2.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Cigarette Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 6/15/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,670</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,080,304</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey State Turnpike Authority, Turnpike Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series E, 5.25%, 1/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,345</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,351,994</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,432,298</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="6%"></TD>
     <TD width="10%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 9.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Nassau County, New York, Tobacco Settlement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Senior Asset-Backed Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series A-2, 5.25%, 6/01/26 (f)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,186,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City IDA, Special Facility Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (American Airlines, Inc. &#151; JFK International</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport), AMT, 7.625%, 8/01/25 (o)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,791,656</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Second General Resolution, Water and Sewer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Bonds, Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>525,935</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Transitional Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Building Aid Revenue Refunding Bonds, Series S-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 1/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>370</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>319,732</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York Liberty Development Corporation Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Goldman Sachs Headquarters), 5.25%, 10/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,700</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,495,915</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,319,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 2.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny County, Pennsylvania, Hospital Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (West Penn</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny Health System), Series A, 5.375%, 11/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,080</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,101,506</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harrisburg, Pennsylvania, Authority, University Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Harrisburg University of Science), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.40%, 9/01/16</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>230</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>217,966</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, AMT, Series 97A, 4.60%, 10/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>450</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>390,919</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Higher Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health Services Revenue Refunding (Allegheny</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware Valley), Series A, 5.875%, 11/15/16</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,345</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,115,126</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,825,517</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>South Carolina &#151; 3.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Scago Education Facilities Corporation for Williamsburg</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County School District, South Carolina, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, 5%, 12/01/31 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,519,126</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs, EDA, Health Care Facilities, First</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mortgage Revenue Refunding Bonds (Lutheran Homes):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 5/01/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>396,066</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.625%, 5/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>589,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs, EDA, Senior Lien Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Burroughs and Chapin Company, Inc.), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.70%, 4/01/35 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,818,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,323,372</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>South Dakota &#151; 0.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Dakota State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Sanford Health),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/01/40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,040</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>909,428</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 4.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brazos River Authority, Texas, PCR, Refunding (TXU Energy</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company LLC Project), AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 8.25%, 10/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>645,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 5.75%, 5/01/36 (n)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>225</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>132,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>HFDC of Central Texas, Inc., Retirement Facilities Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Village at Gleannloch Farms), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 2/15/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>778,412</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County, Texas, Toll Road Revenue Bonds, Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lien, Series A, 5%, 8/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,130</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,104,014</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Texas Tollway Authority, System Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Second Tier, Series F, 6.125%, 1/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,290</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,295,336</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,955,812</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Vermont &#151; 2.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Vermont HFA, S/F Housing Revenue Bonds, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 27, 4.90%, 5/01/38 (h)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,035</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,653,379</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="15%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 2.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fairfax County, Virginia, EDA, Residential Care Facilities,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mortgage Revenue Refunding Bonds (Goodwin</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>House, Inc.), 5.125%, 10/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 577,388</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Peninsula Ports Authority, Virginia, Residential Care</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities, Revenue Refunding Bonds (Baptist Homes),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 5.375%, 12/01/26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,778,712</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reynolds Crossing Community Development Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virginia, Special Assessment Revenue Bonds (Reynolds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Crossing Project), 5.10%, 3/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>812,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,168,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wisconsin &#151; 4.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Ascension Health), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/15/31</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,335</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,125,761</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 73.9%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>93,852,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (i)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 17.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Golden State Tobacco Securitization Corporation of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California, Tobacco Settlement Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Custodial Receipts, Series 1271, 5%, 6/01/45</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,807,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California Revenue Bonds, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 5/15/38 (j)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,783,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21,591,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 11.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago, Illinois, O&#146;Hare International Airport, General</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport Revenue Bonds, Custodial Receipts,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 1284, 5%, 1/01/33</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,454,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Indiana &#151; 10.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Carmel, Indiana, Lease Rental Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Performing Arts Center):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 2/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,230</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,931,329</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 2/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,580</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,534,269</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,465,598</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Massachusetts &#151; 8.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts State, HFA, Housing Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, AMT, Series D, 5.45%, 6/01/37</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,855</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,377,599</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nebraska &#151; 3.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Omaha Public Power District, Nebraska, Electric System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Sub-Series B, 4.75%, 2/01/36 (j)(k)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,809,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 15.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Water and Sewer System, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series D, 5%, 6/15/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,511,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Dormitory Authority, State Personal</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Income Tax Revenue Bonds (Education), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 3/15/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,146,287</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,657,612</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>North Carolina &#151; 11.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of North Carolina, University Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series A, 4.75%, 12/01/34</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,170</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,194,879</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 7.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Caney, Texas, Independent School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 2/15/35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,150</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,275,538</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#151; 86.4%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>109,826,876</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $239,767,400) &#151; 160.3%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>203,679,751</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>17</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="15%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Money Market Fund &#151; 1.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund, 0.72% (l)(m)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,400,185</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,400,185</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $1,400,185) &#151; 1.1%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,400,185</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $241,167,585*) &#151; 161.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>205,079,936</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Other Assets Less Liabilities &#151; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,682,116</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expense and Fees Payable &#151; (62.7)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(79,683,540)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets &#151; 100.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$127,078,512</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$161,733,129</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,083,837</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(36,872,030)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (35,788,193)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(a) FHLMC Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) FNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) GNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Non-income producing security.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) Represents a step up bond that pays an initial coupon rate for the first period and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>then a higher coupon rate for the following periods. Rate shown reflects the current</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>yield as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Radian Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) FSA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Securities represent bonds transferred to a tender option bond trust in exchange</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for which the Trust acquired residual interest certificates. These securities serve</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as collateral in a financing transaction. See Note 1 of the Notes to Financial</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements for details of municipal bonds transferred to tender option bond trusts.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) NPFGC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) FGIC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(l) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="28%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Affiliate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Activity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>299,302</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18,422</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(m) Represents the current yield as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(n) Variable rate security. Rate shown is as of report date.</FONT></P>
<P align=left><FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Effective November 1, 2008, the Trust adopted Financial Accounting Standards</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Statement of Financial Accounting Standards No. 157, &#147;Fair Value</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Measurements&#148; (&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, estab-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lishes a framework for measuring fair values and requires additional disclosures</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>about the use of fair value measurements. Various inputs are used in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair value of investments, which are as follows:</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets in markets that are not active, inputs other than quoted prices</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that are observable for the assets or liabilities (such as interest rates, yield</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>curves, volatilities, prepayment speeds, loss severities, credit risks and default</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to the Note 1 of the Notes to Financial Statements.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of April 30, 2009 in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="53%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,400,185</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>203,679,751</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$205,079,936</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>18 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="14%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Alabama &#151; 0.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Courtland, Alabama, IDB, Solid Waste Disposal Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (International Paper Company</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), Series A, 4.75%, 5/01/17</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,165</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 915,038</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Arizona &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corporation, Arizona, Senior Gas</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,277,385</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 12/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>838,710</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,116,095</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 23.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, Various Purpose, GO, 5%, 11/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,050</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,103,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Statewide Communities Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (John Muir Health), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 8/15/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,834,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foothill/Eastern Corridor Agency, California, Toll Road</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, CABS (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.954%, 1/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,489,375</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.861%, 1/15/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,192,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Golden State Tobacco Securitization Corporation of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California, Tobacco Settlement Revenue Bonds (b):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A-1, 6.625%, 6/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,493,770</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A-1, 6.75%, 6/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,010</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,044,854</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A-3, 7.875%, 6/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>975</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,180,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A-5, 7.875%, 6/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,470</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,779,567</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 5.375%, 6/01/10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,479,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles, California, Unified School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series I, 5%, 7/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,031,362</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Riverside County, California, Asset Leasing Corporation,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leasehold Revenue Bonds (Riverside County Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), 5.74%, 6/01/25 (a)(c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,865</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,719,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>57,348,923</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 1.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>E-470 Public Highway Authority, Colorado Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, CABS, Senior Series B, 5.492%, 9/01/22 (a)(c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,646,505</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Park Creek Metropolitan District, Colorado, Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Limited Tax Supported Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 12/01/25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,471,490</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,117,995</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>District of Columbia &#151; 5.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia, Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Friendship Public Charter School, Inc.) (d):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 6/01/18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,680</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,154,023</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,320</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,155,410</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia Tobacco Settlement Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Asset-Backed Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 5/15/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,215</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,218,237</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Washington Airports Authority, D.C., Airport</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Refunding Bonds, AMT, Series C-2,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 10/01/24 (e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,827,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,355,420</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida &#151; 15.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bellalago, Florida, Educational Facilities Benefits District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Capital Improvement Special Assessment Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.85%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,110</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,555,972</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Broward County, Florida, School Board, COP, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 7/01/22 (e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,281,912</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Grand Hampton Community Development District, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Capital Improvement Special Assessment Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.10%, 5/01/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,870</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,127,154</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Habitat, Florida, Community Development, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assessment Bonds, 5.80%, 5/01/25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,635</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,695,571</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="14%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jacksonville, Florida, Sales Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 10/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,160</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,294,315</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach, Florida, Health Facilities Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Mount Sinai Medical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Center of Florida), 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,715</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,539,975</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami-Dade County, Florida, School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding, 4.75%, 7/15/09 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,045</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,075,825</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Middle Village Community Development District, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Assessment Bonds, Series A, 5.80%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,955</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,754,262</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pine Island Community Development District, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Utilities System Revenue Bonds, 5.30%, 11/01/10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>320</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>303,741</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Stevens Plantation Community Development District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Special Assessment Revenue Bonds, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.375%, 5/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,530</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,747,964</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village Community Development District Number 5,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Special Assessment Bonds, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,615</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,436,291</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Westchester Community Development District Number 1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Special Assessment Bonds (Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Infrastructure), 6%, 5/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,145</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,725,237</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>36,538,219</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Georgia &#151; 0.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Richmond County, Georgia, Development Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Environmental Improvement Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(International Paper Co. Projects), AMT, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 11/01/27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,350</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,672,754</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 14.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CenterPoint Intermodal Center Program Trust, Illinois,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Allocation Bonds, Class A, 10%, 6/15/23 (f)(t)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,155</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,685,339</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago, Illinois, O&#146;Hare International Airport, General</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport Revenue Bonds, Third Lien, Series A (g):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 1/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,047,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 1/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,023,170</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Development Finance Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Depaul University), Series C, 5.25%, 10/01/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,958,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Educational Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Northwestern University), 5%, 12/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,114,208</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority, Student Housing Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (MJH Education Assistance IV LLC)(h)(i):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior Series A, 5.50%, 6/01/19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,798,647</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series B, 5%, 6/01/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,075</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106,210</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Toll Highway Authority, Senior Priority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 5%, 1/01/19 (e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,421,472</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lake, Cook, Kane and McHenry Counties, Illinois,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Community Unit School District Number 220, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding, 5.25%, 12/01/20 (e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,162,060</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Pier and Exposition Authority, Illinois,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dedicated State Tax Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(McCormick), Series A, 5.394%, 6/15/22 (a)(c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,455</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,868,777</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>36,185,583</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Indiana &#151; 5.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indianapolis, Indiana, Airport Authority, Special Facilities,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Federal Express Corporation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), AMT, 5.10%, 1/15/17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,953,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lawrence, Indiana, M/F Housing, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Pinnacle Apartments Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.15%, 6/01/24 (j)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,001,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,620</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,390,988</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,345,588</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kansas &#151; 1.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Unified Government of Wyandotte County and Kansas City,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kansas, Sales Tax Special Obligation Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Kansas International Speedway Corporation Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.2%, 12/01/20 (a)(c)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,440</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,362,517</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>19</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_21"></A>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kentucky &#151; 0.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kentucky Housing Corporation, Housing Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT, Series C, 4.625%, 7/01/22</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,887,540</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Louisiana &#151; 0.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>De Soto Parish, Louisiana, Environmental Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (International Paper Co. Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.85%, 11/01/27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,448,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Maryland &#151; 4.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Frederick County, Maryland, Special Obligation Tax Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Urbana Community Development Authority):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.625%, 7/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,292,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.80%, 7/01/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,711</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,656,348</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland State Health and Higher Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (MedStar</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health, Inc.), 5.375%, 8/15/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,479,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,428,388</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Massachusetts &#151; 2.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts State Development Finance Agency,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Solid Waste Disposal Revenue Bonds (Waste</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Management, Inc. Project), AMT, 5.45%, 6/01/14</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,299,705</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts State Water Pollution Abatement Trust,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Water Abatement Revenue Refunding Bonds (MWRA</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Program), Sub-Series A, 6%, 8/01/23</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,017,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,317,645</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Michigan &#151; 0.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Hospital Finance Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Sparrow Obligated Group),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 11/15/26</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,114,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Minnesota &#151; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Minnesota State Higher Education Facilities Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (University of St. Thomas), Series 5Y,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 10/01/24</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,250,538</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Mississippi &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Warren County, Mississippi, Environmental Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (International Paper Company Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT, Series A, 5.85%, 11/01/27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,172,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Missouri &#151; 4.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri State Development Finance Board, Infrastructure</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities Revenue Bonds (Branson Landing Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.50%, 12/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,394,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri State Health and Educational Facilities Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health Facilities Revenue Refunding Bonds (BJC Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System), Series A, 5%, 5/15/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,534,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,928,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Multi-State &#151; 8.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter Mac Equity Issuer Trust (f)(k):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,020,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 4/30/15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 4/30/15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,125,840</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 4/30/19</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,569,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.30%, 4/30/19</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,581,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC (f)(l)(m):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.40%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,038,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.80%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,007,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series D, 5.90%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,003,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Manuel Entertainment Authority Series 04-C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 12/01/16 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,332,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,679,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nevada &#151; 2.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Clark County, Nevada, EDR, Refunding (Alexander Dawson</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School of Nevada Project), 5%, 5/15/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,062,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Henderson, Nevada, Local Improvement Districts, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assessment, Series NO T-18, 5.15%, 9/01/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,765</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>709,830</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,771,830</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="14%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Hampshire &#151; 5.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire Health and Education Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Elliot Hospital), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.60%, 10/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,009,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire State Business Finance Authority, PCR,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding (Public Service Company Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 4.75%, 5/01/21 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,564,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,573,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey &#151; 12.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Middlesex County, New Jersey, Improvement Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (George Street Student Housing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), Series A, 5%, 8/15/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>876,880</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Cigarette Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 6/15/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,791,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, EDR (Kapkowski Road Landfill</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reclamation Improvement District Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 6.50%, 4/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,387,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, First Mortgage Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (The Winchester Gardens at Ward Homestead</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), Series A, 4.80%, 11/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>949,180</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Special Facility Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Continental Airlines Inc. Project), AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%, 11/15/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,485,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9%, 6/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,269,585</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey Health Care Facilities Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(AtlantiCare Regional Medical Center), 5%, 7/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,110</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,084,975</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Capital Health System Inc.), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 7/01/13 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,581,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(University of Medicine and Dentistry), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 12/01/18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,501,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey State Housing and Mortgage Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Agency, S/F Housing Revenue Bonds, AMT, Series T,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.55%, 10/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,335,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>31,262,815</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 8.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City IDA, Special Facility Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds AMT (t):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(American Airlines, Inc. &#151; JFK International Airport),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.625%, 8/01/25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,635</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,294,208</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Continental Airlines Inc. Project), 7.75%, 8/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,739,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Energy Research and Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Gas Facilities Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Brooklyn Union Gas Company/Keyspan), AMT, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.70%, 2/01/24 (n)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,679,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco Settlement Financing Corporation of New York</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series B-1C, 5.50%, 6/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,140,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,853,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio &#151; 8.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Municipal Power, Inc., Ohio, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Prairie State Energy Campus Project), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 2/15/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,228,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cuyahoga County, Ohio, Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 1/01/19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,120,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 1/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,375,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pinnacle Community Infrastructure Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio, Revenue Bonds, Series A, 6%, 12/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,015</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>725,015</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,449,585</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Oklahoma &#151; 1.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tulsa, Oklahoma, Municipal Airport Trust, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series A, 7.75%, 6/01/35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,350</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,829,846</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>20 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_22"></A>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 6.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lancaster County, Pennsylvania, Hospital Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Lancaster General Hospital Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 9/15/13 (b)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,750,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County, Pennsylvania, IDA, Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Whitemarsh Continuing Care Project), 6%, 2/01/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,275</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>940,262</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Higher Educational Facilities Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (LaSalle University), 5.50%, 5/01/26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,680</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,782,342</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Turnpike Commission, Turnpike</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Sub-Series A, 5%, 6/01/22 (o)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,065,610</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,538,314</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Puerto Rico &#151; 6.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Commonwealth, Public Improvement, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 5.25%, 7/01/17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,195,456</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Electric Power Authority, Power Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series NN, 5.125%, 7/01/13 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,467,202</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,662,658</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tennessee &#151; 3.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tennessee Energy Acquisition Corporation, Gas Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series A, 5.25%, 9/01/20</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,609,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 8.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brazos River Authority, Texas, PCR, Refunding (TXU Energy</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company LLC Project), AMT, Series A, 6.75%, 4/01/38 (t)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,100</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>550,011</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dallas, Texas, Civic Center Revenue Refunding and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Improvement Bonds, 5%, 8/15/21 (o)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,654,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Port Corpus Christi, Texas, Industrial Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation Revenue Refunding Bonds, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.40%, 4/01/18</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,117,065</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, Central Texas Turnpike</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System First Tier Revenue Bonds, CABS, Series A (a)(g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.385%, 8/15/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,990</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,764,648</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.532%, 8/15/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,450</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,174,412</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Weatherford, Texas, Independent School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding, CABS (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.748%, 2/15/11 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,975,560</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.775%, 2/15/11 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,865,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.748%, 2/15/23</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,905</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,338,479</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.77%, 2/15/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,905</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,260,625</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,700,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>U.S. Virgin Islands &#151; 0.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virgin Islands Public Finance Authority, Senior Lien</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Matching Fund Loan Note), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 10/01/17</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>965,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 8.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Celebrate North Community Development Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virginia, Special Assessment Revenue Bonds, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.60%, 3/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,755,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charles City County, Virginia, EDA, Solid Waste Disposal</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Waste Management, Inc.), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.125%, 8/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,404,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mecklenburg County, Virginia, IDA, Exempt Facility</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (UAE LP Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 10/15/17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,943,350</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,102,900</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="16%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wisconsin &#151; 2.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin State, General Fund Annual Appropriation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series A, 5.25%, 5/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,070,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (Wheaton</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Franciscan Services, Inc.), Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/15/17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,880</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,346,048</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/15/18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,190</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,523,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,939,958</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 166.5%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>405,446,717</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (p)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago, Illinois, Water Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Second Lien, 5%, 11/01/20 (e)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,368,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#151; 2.2%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,368,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $456,077,915) &#151; 168.7%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>410,815,467</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 0.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Philadelphia, Pennsylvania, Water and Wastewater Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, VRDN, 3.10%, 5/07/09 (e)(q)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>90,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Money Market Fund &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund, 0.72% (r)(s)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,301,041</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,301,041</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $2,391,041) &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,391,041</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $458,468,956*) &#151; 169.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>413,206,508</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Other Assets Less Liabilities &#151; 3.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,997,577</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expense and Fees Payable &#151; (1.6)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,772,871)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#151; (71.4)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(173,860,058)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$243,571,156</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$454,295,455</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,212,710</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(54,051,657)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (44,838,947)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) US government securities, held in escrow, are used to pay interest on this security,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as well as to retire the bond in full at the date indicated, typically at a premium</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to par.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) NPFGC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) ACA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) FSA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>21</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) AMBAC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Non-income producing security</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) FNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>trust is federally tax-exempt revenue bonds issued by various state or local govern-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(l) Security is perpetual in nature and has no stated maturity date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(m) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>trust is federally tax-exempt revenue bonds issued by various state or local govern-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing and mandatory redemption.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(n) FGIC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(o) Assured Guaranty Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(p) Securities represent bonds transferred to a tender option bond trust in exchange for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lateral in a financing transaction. See Note 1 of the Notes to Financial Statements</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(q) Security may have a maturity of more than one year at the time of issuance, but has</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>variable rate and demand features that qualify it as a short-term security. Rate</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>shown is as of report date and maturity shown is the date the principal owed can</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be recovered through demand.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(r) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="31%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Affiliate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Activity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,910,360)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15,452</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(s) Represents the current yield as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(t) Variable rate security. Rate shown is as of report date.</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Accounting Standards Board Statement of Financial Accounting Standards</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No. 157, &#147;Fair Value Measurements&#148;, which clarifies the definition of fair value,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>establishes a framework for measuring fair values and requires additional disclo-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sures about the use of fair value measurements. Various inputs are used in deter-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair value of investments, which are as follows:</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets in markets that are not active, inputs other than quoted prices</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that are observable for the assets or liabilities (such as interest rates, yield</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>curves, volatilities, prepayment speeds, loss severities, credit risks and default</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of April 30, 2009 in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="53%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,301,041</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>410,905,467</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$413,206,508</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>22 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_24"></A>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Alabama &#151; 3.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Huntsville, Alabama, Health Care Authority Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series B, 5.75%, 6/01/12 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,063,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Arizona &#151; 4.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Phoenix and Pima County, Arizona, IDA, S/F Mortgage</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, AMT, Series 2007-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 8/01/38 (b)(c)(d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,530</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,599,799</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County, Arizona, IDA, Education Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(American Charter Schools Foundation), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.625%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,590</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,023,479</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corporation, Arizona, Senior Gas</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,280</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,138,329</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,910</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,697,983</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,459,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 25.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California County Tobacco Securitization Agency, Tobacco</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Stanislaus County Tobacco Funding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation), Sub-Series C, 6.30%, 6/01/55 (e)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,855</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>109,808</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Educational Facilities Authority Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (University of Southern California), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,110</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,313,838</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California HFA, Home Mortgage Revenue Bonds, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series G, 5.50%, 8/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,275</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,027,495</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, GO, 6.50%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,410</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,296,088</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, GO, Refunding:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,710,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,774,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Statewide Communities Development Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health Facility Revenue Bonds (Memorial Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Services), Series A, 5.50%, 10/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,533,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foothill/Eastern Corridor Agency, California, Toll Road</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (e):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.086%, 1/15/32</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>54,635</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,168,291</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.033%, 1/15/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,535</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,868,685</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.09%, 1/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>75,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,974,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Golden State Tobacco Securitization Corporation of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California, Tobacco Settlement Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A-1, 6.625%, 6/01/13 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,645,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lincoln, California, Special Tax Bonds (Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities District Number 2003-1), 6%, 9/01/13 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,115</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,713,454</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles, California, Regional Airports Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Facilities Lease Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(LAXFUEL Corporation &#151; Los Angeles International</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport), AMT, 5.50%, 1/01/32 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,320</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,267,587</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles, California, Unified School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series D:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 7/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,232,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 7/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,617,804</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 7/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,305</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,321,521</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Murrieta, California, Community Facilities District</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Number 2, Special Tax Bonds (The Oaks Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Area Project), Series A, 6%, 9/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,786,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Diego, California, Community College District, GO</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Election of 2002), 5.25%, 8/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,090</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,109,625</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California Revenue Bonds, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 5/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,565</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,708,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>West Valley Mission Community College District, California,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>GO (Election of 2004), Series A, 4.75%, 8/01/30 (g)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,015</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,810,155</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>120,989,761</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 3.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Poudre Valley Health Care) (g):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 5.25%, 3/01/36</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,005</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,892,078</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 5.25%, 3/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,678,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Springs, Colorado, Utilities System Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Subordinate Lien, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/15/45 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,545</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,519,626</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Denver, Colorado, Health and Hospital Authority, Healthcare</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 6%, 12/01/11 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,881,010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Park Creek Metropolitan District, Colorado, Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Limited Tax Supported Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,530</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,981,344</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,952,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>District of Columbia &#151; 7.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia Revenue Bonds (Georgetown</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University), Series A (a)(e)(h):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.027%, 4/01/11</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,462,264</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.028%, 4/01/11</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>51,185</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,700,736</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia, Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Friendship Public Charter School, Inc.),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 6/01/33 (i)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,390</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,361,392</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia Tobacco Settlement Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Asset-Backed Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.75%, 5/15/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,535</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,778,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>35,302,782</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida &#151; 8.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Heritage Isle at Viera Community Development District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Special Assessment Bonds, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 5/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,905</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,462,087</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Highlands County, Florida, Health Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital Revenue Bonds (Adventist Health System),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6%, 11/15/11 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,670</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,736,117</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Martin County, Florida, IDA, IDR, Refunding (Indiantown</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cogeneration Project), AMT, Series A, 7.875%, 12/15/25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,623,180</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach, Florida, Health Facilities Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Mount Sinai Medical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Center of Florida), 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,162,537</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Orange County, Florida, Tourist Development, Tax Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, 4.75%, 10/01/32 (j)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,440</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,939,411</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Stevens Plantation Community Development District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Special Assessment Revenue Bonds, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.10%, 5/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,780</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,639,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village Community Development District Number 5,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Special Assessment Bonds, 5.625%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,370</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,240,253</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40,802,630</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Georgia &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Main Street Natural Gas, Inc., Georgia, Gas Project</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 6.375%, 7/15/38 (k)(l)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,303,785</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Richmond County, Georgia, Development Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Environmental Improvement Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(International Paper Co. Projects), AMT, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 2/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,988,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,292,105</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 9.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bolingbrook, Illinois, GO, Refunding, Series B (e)(h)(m):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.007%, 1/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,820</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,738,077</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.007%, 1/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,085</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,315,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CenterPoint Intermodal Center Program Trust, Illinois, Tax</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allocation Bonds, Class A, 10%, 6/15/23 (n)(v)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,630</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,620,938</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Educational Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (University of Chicago), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 7/01/41</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>760</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>765,761</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>23</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Educational Facilities Authority, Student</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing Revenue Bonds (Education Advancement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fund &#151; University Center Project at DePaul),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 5/01/12 (a)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,526,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Health Facilities Authority, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Elmhurst Memorial Healthcare):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 1/01/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,536,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.625%, 1/01/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,069,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Municipal Electric Agency, Power Supply Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, 4.50%, 2/01/35 (h)(m)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,760</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,882,654</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority Revenue Bonds, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Friendship Village of Schaumburg), 5.625%, 2/15/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,685</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>950,711</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Monarch Landing, Inc. Project), 7%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,885</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,747,762</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Northwestern Memorial Hospital),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/15/14 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,320,342</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority, Student Housing Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (MJH Education Assistance IV LLC), Sub-Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.375%, 6/01/35 (k)(l)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,675</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>164,736</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>44,639,551</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Indiana &#151; 6.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Health Facilities Financing Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Methodist Hospital, Inc.),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 9/15/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,974,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Municipal Power Agency, Power Supply System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series B, 6%, 1/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,214,952</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Petersburg, Indiana, PCR, Refunding (Indianapolis</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Power &amp; Light Co. Project), AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.90%, 12/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,606,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.95%, 12/01/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,215,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,220</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,629,436</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29,640,438</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kentucky &#151; 0.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kentucky Housing Corporation, Housing Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT, Series F, 5.45%, 1/01/32 (d)(o)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>870,381</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Louisiana &#151; 2.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Louisiana Local Government Environmental Facilities and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Community Development Authority, Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Capital Projects and Equipment Acquisition Program),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.55%, 9/01/25 (i)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,215</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,228,891</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Saint Tammany Parish, Louisiana, Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>S/F Mortgage Revenue Bonds (Home Ownership</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Program), Series A, 5.25%, 12/01/39 (b)(c)(d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,051</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,978,727</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,207,618</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Maryland &#151; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland State Community Development Administration,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Department of Housing and Community Development,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Residential Revenue Refunding Bonds, AMT, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.65%, 9/01/32</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,665</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,276,176</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Michigan &#151; 0.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Hospital Finance Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Henry Ford Health System), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 11/15/46</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,230</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,165,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Mississippi &#151; 3.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gulfport, Mississippi, Hospital Facility Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Memorial Hospital at Gulfport Project), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 7/01/31</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,680</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,742,697</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Missouri &#151; 0.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri Joint Municipal Electric Utility Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Power Project Revenue Bonds (Plum Point Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.60%, 1/01/36 (h)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>695</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>495,723</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Multi-State &#151; 8.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter Mac Equity Issuer Trust (n)(p):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.30%, 6/30/49</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,058,851</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.625%, 6/30/49</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,004,830</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.80%, 11/30/50</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,756,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.80%, 10/31/52</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,122,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.875%, 6/30/49 (n)(p)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,598,960</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41,541,721</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nebraska &#151; 0.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Omaha Public Power District, Nebraska, Electric System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series A, 4.75%, 2/01/44</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,695</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,462,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nevada &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Clark County, Nevada, EDR, Refunding (Alexander Dawson</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School of Nevada Project), 5%, 5/15/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,260</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,805,746</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Hampshire &#151; 1.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire Health and Education Facilities Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Exeter Hospital Obligated Group),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 10/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,246,565</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire State Business Finance Authority, PCR,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding (Public Service Company Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 4.75%, 5/01/21 (h)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,425,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,672,365</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey &#151; 7.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Middlesex County, New Jersey, Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Subordinate Revenue Bonds (Heldrich Center Hotel/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Conference Project), Series B, 6.25%, 1/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,680</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,855,677</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Cigarette Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 6/15/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,661,695</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, EDR, Refunding (Kapkowski Road</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Landfill Reclamation Improvement District Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 4/01/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,037,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Special Facility Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Continental Airlines Inc. Project), AMT, 7%, 11/15/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,410</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,740,924</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco Settlement Financing Corporation of New Jersey,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset-Backed Revenue Refunding Bonds, Series 1A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 6/01/23</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,610</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,872,907</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>36,168,643</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 5.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Albany, New York, IDA, Civic Facility Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(New Covenant Charter School Project), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%, 5/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,820</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,135,935</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City IDA, Special Facility Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(American Airlines, Inc. &#151; JFK International Airport),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8%, 8/01/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,890,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Continental Airlines Inc. Project), 7.75%, 8/01/31 (v)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,140</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,556,956</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Second General Resolution, Water and Sewer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Bonds, Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,080</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,239,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York Liberty Development Corporation Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Goldman Sachs Headquarters), 5.25%, 10/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>675</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>593,966</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,416,617</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>North Carolina &#151; 3.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gaston County, North Carolina, Industrial Facilities and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pollution Control Financing Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (National Gypsum Company Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 8/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,130</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,810,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina Capital Facilities Finance Agency, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Duke University Project), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.25%, 7/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,550</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,805,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,616,220</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>24 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="15%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio &#151; 2.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Buckeye Tobacco Settlement Financing Authority, Ohio,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco Settlement Asset-Backed Bonds, Series A-2,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 6/01/47</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,120</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,927,224</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio State Air Quality Development Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Dayton Power and Light Company</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), Series B, 4.80%, 1/01/34 (m)(q)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,085</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,125,880</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pinnacle Community Infrastructure Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio, Revenue Bonds, Series A, 6.25%, 12/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,760</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,305,857</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,358,961</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Oklahoma &#151; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tulsa, Oklahoma, Municipal Airport Trust, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series A, 7.75%, 6/01/35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,175</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,060,938</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 4.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Exempt Facilities Revenue Bonds, AMT, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Amtrak Project), 6.375%, 11/01/41</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,969,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Reliant Energy), 6.75%, 12/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,333,132</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, AMT, Series 97A, 4.60%, 10/01/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,171,775</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21,474,287</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Puerto Rico &#151; 0.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Commonwealth Highway and Transportation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Transportation Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series N, 5.25%, 7/01/36 (r)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,954,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>South Carolina &#151; 8.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lexington County, South Carolina, Health Services</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District Inc., Hospital Revenue Refunding and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Improvement Bonds (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 11/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,796,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 11/01/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,700,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Scago Education Facilities Corporation for Chesterfield</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County School District, South Carolina, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, 5%, 12/01/29 (r)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,345</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,177,808</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs EDA, Hospital Facilities Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Palmetto Health Alliance):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.25%, 8/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,075</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,437,174</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 6.875%, 8/01/13 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,010</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,537,107</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 6.875%, 8/01/13 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>990</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,167,695</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>37,816,834</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tennessee &#151; 2.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Knox County, Tennessee, Health, Educational and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing Facilities Board, Hospital Facilities Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Covenant Health), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.70%, 1/01/20 (e)(g)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,725</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,587,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 19.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brazos River Authority, Texas, PCR, Refunding (TXU Energy</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company LLC Project), AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 8.25%, 10/01/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,370</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,879,974</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 5.75%, 5/01/36 (v)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,265</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,516,350</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County-Houston Sports Authority, Texas, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (e)(h):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Junior Lien, Series A, 5.93%, 11/15/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,286,305</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Junior Lien, Series H, 6.108%, 11/15/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>634,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Third Lien, Series A-3, 5.97%, 11/15/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26,120</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,806,855</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Houston, Texas, Combined Utility System, First Lien</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Series A, 6%, 11/15/35 (r)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,425</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,481,949</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lower Colorado River Authority, Texas, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (h):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 5/15/13 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>50</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>56,754</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 5/15/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,345</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,254,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 5/15/13 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,675</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lower Colorado River Authority, Texas, Transmission</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Contract Revenue Refunding Bonds (LCRA Transmission</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Services Corp. Project), 4.75%, 5/15/34 (f)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13,305</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12,331,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County, Texas, Municipal Utility District</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Number 46, Waterworks and Sewer System, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 3/01/30 (h)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,127,352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Texas Tollway Authority, System Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Second Tier, Series F, 6.125%, 1/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,180</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,208,379</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Antonio Energy Acquisition Public Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation, Texas, Gas Supply Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/01/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,516,817</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Affordable Housing Corporation, M/F Housing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Amern Opportunity Housing Portfolio),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 8%, 3/01/32 (k)(l)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,435</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>221,573</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, Central Texas Turnpike</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Bonds (f):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.063%, 8/15/32 (e)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,137,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.073%, 8/15/33 (e)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>62,325</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,938,977</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.074%, 8/15/34 (e)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>65,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,610,941</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>First Tier, Series A, 5%, 8/15/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,392,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>93,408,549</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virginia Commonwealth Transportation Board,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transportation Contract Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(U.S. Route 28 Project), 5.293%, 4/01/32 (e)(h)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,105</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,176,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 4.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>King County, Washington, Sewer Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, 5%, 1/01/36 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,615</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,622,881</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington State, GO, Series E, 5%, 2/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,480</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,725,002</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington State Health Care Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Providence Health System), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.625%, 10/01/34 (h)(m)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,095</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,345,933</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,693,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wisconsin &#151; 1.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Aurora Health Care, Inc.),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.40%, 4/15/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,671,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (Froedtert and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Community Health), 5.375%, 10/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,205</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,190,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,862,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wyoming &#151; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wyoming Community Development Authority, Housing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, AMT, Series 3, 4.65%, 12/01/27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,765</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,427,228</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 151.5%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>719,404,515</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (s)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Alabama &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Birmingham, Alabama, Special Care Facilities Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (Ascension Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Credit), Series C-2, 5%, 11/15/36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,548</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,402,652</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California Revenue Bonds, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 5/15/37 (h)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,593,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Connecticut &#151; 4.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Connecticut State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Yale University):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series T-1, 4.70%, 7/01/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,662,730</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series X-3, 4.85%, 7/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,360</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,555,624</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,218,354</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>25</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="65%"></TD>
     <TD width="15%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (s)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 2.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Catholic Health) (g):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C-3, 5.10%, 10/01/41</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,286,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C-7, 5%, 9/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,860</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,663,948</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,950,068</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 1.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago, Illinois, Housing Authority, Capital Program</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, 5%, 7/01/24 (g)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,232</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,265,725</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Massachusetts &#151; 1.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts State Water Resource Authority, General</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Series A, 5%, 8/01/41</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,770</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,694,582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 1.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Environmental Facilities Corporation,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State Clean Water and Drinking Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(New York City Water Project), Series B, 5%, 6/15/31</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,370</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,423,807</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 3.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Virginia, Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,098,193</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virginia State, HDA, Commonwealth Mortgage Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series H, Sub-Series H-1, 5.35%, 7/01/31 (h)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,810</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,845,412</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,943,605</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 1.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Central Puget Sound Regional Transportation Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington, Sales and Use Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 11/01/32 (g)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,459</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,507,823</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#151; 17.7%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>84,000,466</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $919,303,895) &#151; 169.2%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>803,404,981</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Money Market Fund &#151; 0.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund, 0.72% (t)(u)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>423,950</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>423,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $423,950) &#151; 0.1%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>423,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $919,727,845*) &#151; 169.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>803,828,931</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Other Assets Less Liabilities &#151; 2.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,638,337</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expense and Fees Payable &#151; (9.8)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(46,507,108)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#151; (61.7)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(293,146,623)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 474,813,537</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 871,677,257</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 22,039,269</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(136,276,455)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(114,237,186)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(a) US government securities, held in escrow, are used to pay interest on this security as</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>well as to retire the bond in full at the date indicated, typically at a premium</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to par.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) FHLMC Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) GNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) FNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) AMBAC Insured.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) FSA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) NPFGC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) ACA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) XL Capital Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) Non-income producing security.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(l) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(m) FGIC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(n) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(o) FHA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(p) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>trust is federally tax-exempt revenue bonds issued by various state or local govern-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(q) BHAC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(r) Assured Guaranty Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(s) Securities represent bonds transferred to a tender option bond trust in exchange for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lateral in a financing transaction. See Note 1 of the Notes to Financial Statements</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(t) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="30%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Affiliate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Activity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,403,004)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 62,547</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(u) Represents the current yield as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(v) Variable rate security. Rate shown is as of report date.</FONT></P>
<P align=left><FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Effective November 1, 2008, the Trust adopted Financial Accounting Standards</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Statement of Financial Accounting Standards No. 157, &#147;Fair Value</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Measurements&#148; (&#147;FAS 157&#148;). FAS 157 clarifies the definition of fair value, estab-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lishes a framework for measuring fair values and requires additional disclosures</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>about the use of fair value measurements. Various inputs are used in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair value of investments, which are as follows:</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets in markets that are not active, inputs other than quoted prices</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that are observable for the assets or liabilities (such as interest rates, yield</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>curves, volatilities, prepayment speeds, loss severities, credit risks and default</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of April 30, 2009 in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="53%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 423,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>803,404,981</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$803,828,931</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>26 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 128.8%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Corporates &#151; 6.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chester County, Pennsylvania, IDA, Water Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Aqua Pennsylvania, Inc. Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 2/01/40 (a)(b)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 843,030</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Water Facility Revenue Bonds (Aqua Pennsylvania, Inc.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), AMT, Series A, 6.75%, 10/01/18</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>637,704</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,480,734</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>County/City/Special District/School District &#151; 24.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware Valley Regional Finance Authority, Pennsylvania,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Local Government Revenue Bonds, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/01/28 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,044,840</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Marple Newtown, Pennsylvania, School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/31 (d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>608,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mifflin County, Pennsylvania, School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.50%, 9/01/22 (e)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>241,972</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Owen J. Roberts School District, Pennsylvania, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 11/15/25</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>716,058</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Philadelphia, Pennsylvania, School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding, Series A, 5%, 8/01/15 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,098,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Philadelphia, Pennsylvania, School District, GO, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 3/01/10 (a)(f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,616,790</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Scranton, Pennsylvania, School District, GO:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 7/15/38 (d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>493,905</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series E, 6%, 9/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>105,698</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington County, Pennsylvania, Capital Funding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Capital Projects and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Equipment Program), 6.15%, 12/01/29 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38,004</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,964,157</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Education &#151; 11.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lancaster, Pennsylvania, Higher Education Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>College Revenue Bonds (Franklin &amp; Marshall College</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), 5%, 4/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>476,840</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Higher Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Lafayette College Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 5/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,272,363</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Pittsburgh, Pennsylvania, The Commonwealth</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System of Higher Education, Revenue Bonds (Capital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), Series B, 5%, 9/15/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>357,644</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wilkes-Barre, Pennsylvania, Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Wilkes University Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 3/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>521,906</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,628,753</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Health &#151; 38.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny County, Pennsylvania, Hospital Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (West Penn</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny Health System), Series A, 5.375%, 11/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>470</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>248,898</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bucks County, Pennsylvania, IDA, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Pennswood Village Project), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 10/01/12 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,623,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lancaster County, Pennsylvania, Hospital Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Masonic Homes Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>802,490</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lehigh County, Pennsylvania, General Purpose Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital Revenue Refunding Bonds (Saint Lukes</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital of Bethlehem), 5.375%, 8/15/13 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,520</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,073,696</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Monroe County, Pennsylvania, Hospital Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Pocono Medical Center),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.125%, 1/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>345</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>272,274</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania (concluded)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Health (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County, Pennsylvania, IDA, Retirement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Community Revenue Bonds (ACTS Retirement &#151; Life</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Communities Inc.), 5.25%, 11/15/28</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 944,112</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Southcentral General Authority, Pennsylvania, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Wellspan Health Obligated), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 6/01/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,294,125</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,258,615</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Housing &#151; 11.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 95A, 4.90%, 10/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>886,740</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 96A, 4.70%, 10/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>495</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>415,973</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 97A, 4.65%, 10/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,120,431</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 103C, 5.40%, 10/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>252,853</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,675,997</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>State &#151; 10.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State, GO, First Series:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 3/15/28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>825</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>867,636</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 3/15/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>275</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>287,147</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Public School Building Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School Revenue Bonds (Harrisburg School District),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 11/15/33 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>244,123</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Turnpike Commission, Oil Franchise</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Revenue Bonds, Series C, 5%, 12/01/32 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,008,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,407,206</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Transportation &#151; 18.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Exempt Facilities Revenue Bonds (Amtrak Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 11/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>777,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.375%, 11/01/41</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>764,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Turnpike Commission, Turnpike</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.25%, 12/01/32 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>870</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>882,989</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series A, 5%, 6/01/39 (g)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>757,665</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Philadelphia, Pennsylvania, Airport Revenue Bonds, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 6/15/37 (d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,001,604</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Susquehanna Area Regional Airport Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania, Airport System Revenue Bonds, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.50%, 1/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>185</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>127,546</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,311,924</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Utilities &#151; 9.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware County, Pennsylvania, IDA, Water Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Philadelphia Suburban Water),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, 6/01/29 (a)(b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,239,837</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County, Pennsylvania, IDA, Water Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Aqua Pennsylvania, Inc. Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.25%, 7/01/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>253,851</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Resource Recovery Revenue Refunding Bonds (Colver</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), AMT, Series G, 5.125%, 12/01/15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>723,645</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,217,333</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds in Pennsylvania</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,944,719</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Multi-State &#151; 11.7%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Housing &#151; 11.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.875%, 6/30/49 (h)(i)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,799,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds in Multi-State</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,799,480</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>27</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="63%"></TD>
     <TD width="5%"></TD>
     <TD width="11%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Puerto Rico &#151; 19.8%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Education &#151; 3.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Industrial, Tourist, Educational, Medical and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Environmental Control Facilities Revenue Bonds (Ana G.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mendez University System Project), 5%, 3/01/26</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,250</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 865,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>State &#151; 13.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Commonwealth, GO, Refunding,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series C-7, 6%, 7/01/27 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,385</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,368,283</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Public Buildings Authority, Government</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities Revenue Refunding Bonds, Series N,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 7/01/37 (j)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>230,493</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Public Finance Corporation, Commonwealth</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Appropriation Revenue Bonds, Series E,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 2/01/12 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,495</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,647,953</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,246,729</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Utilities &#151; 2.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Commonwealth Aqueduct and Sewer Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior Lien Revenue Bonds, Series A, 6%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>193,308</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Electric Power Authority, Power Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series WW, 5.50%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>461,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>655,158</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds in Puerto Rico</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,767,212</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $41,699,360) &#151; 160.3%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38,511,411</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 7.9%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Geisinger Health System, Pennsylvania, Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>VRDN, 0.40%, 5/01/09 (k)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>800,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Philadelphia, Pennsylvania, Gas Works Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>VRDN, Fifth Series A-2, 0.45%, 5/07/09 (k)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,100,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,900,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Money Market Fund &#151; 0.4%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CMA Pennsylvania Municipal Money Fund, 0.15% (l)(m)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>99,970</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>99,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $1,999,970) &#151; 8.3%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,999,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $43,699,330*) &#151; 168.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40,511,381</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Other Assets Less Liabilities &#151; 1.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>337,096</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#151; (70.0)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(16,825,365)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 24,023,112</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="58%"></TD>
     <TD width="41%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 43,553,806</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,074,415</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,116,840)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (3,042,425)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(a) NPFGC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) FGIC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) AMBAC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) FSA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) XL Capital Insured.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) US government securities, held in escrow, are used to pay interest on this security,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as well as to retire the bond in full at the date indicated, typically at a premium</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to par.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Assured Guaranty Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>trust is federally tax-exempt revenue bonds issued by various state or local govern-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) Commonwealth Guaranteed.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) Security may have a maturity of more than one year at the time of issuance, but</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>has variable rate and demand features that qualify it as a short-term security. Rate</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>shown is as of report date and maturity shown is the date the principal owed can</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be recovered through demand.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(l) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="58%"></TD>
     <TD width="25%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Activity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CMA Pennsylvania Municipal Money Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(399,319)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 561</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(m) Represents the current yield as of report date.</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For Trust compliance purposes, the Trust&#146;s industry classifications refer to any one or</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>more of the industry sub-classifications used by one or more widely recognized mar-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ket indexes or ratings group indexes, and/or as defined by Trust management. This</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>definition may not apply for purposes of this report, which may combine industry sub-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>classifications for reporting ease. These industry classifications are unaudited.</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Accounting Standards Board Statement of Financial Accounting Standards</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No. 157, &#147;Fair Value Measurements&#148;, which clarifies the definition of fair value,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>establishes a framework for measuring fair values and requires additional disclo-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sures about the use of fair value measurements. Various inputs are used in deter-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair value of investments, which are as follows:</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets in markets that are not active, inputs other than quoted prices</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that are observable for the assets or liabilities (such as interest rates, yield</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>curves, volatilities, prepayment speeds, loss severities, credit risks and default</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to the Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of April 30, 2009 in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="53%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 99,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40,411,411</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$40,511,381</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>28 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (BSD)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="66%"></TD>
     <TD width="14%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Alabama &#151; 12.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Alabama State Public School and College Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Capital Improvement Revenue Bonds, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 7/01/18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,153,510</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Courtland, Alabama, IDB, Solid Waste Disposal Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Champion International Corporation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), AMT, Series A, 6.70%, 11/01/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,386,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,539,620</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Arizona &#151; 3.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corporation, Arizona, Senior Gas</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,455</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,010,337</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,890</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,273,369</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Luis, Arizona, Facilities Development Corporation,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior Lien Revenue Bonds (Regional Detention</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Center Project):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 5/01/15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>210</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>181,383</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%, 5/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>210</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>174,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.25%, 5/01/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>420</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>337,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,976,579</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 18.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California County Tobacco Securitization Agency, Tobacco</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Stanislaus County Tobacco Funding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation), Sub-Series C, 6.30%, 6/01/55 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,095</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,034</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Educational Facilities Authority Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (University of Southern California), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>860</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>894,305</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, GO:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 3/01/33 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,626,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>650</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>710,066</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles, California, Unified School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series D, 5%, 7/01/26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,605,066</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Diego, California, Community College District, GO</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Election of 2002), 5.25%, 8/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>353,287</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California Revenue Bonds, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 5/15/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,835</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,686,218</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>West Valley Mission Community College District, California,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>GO (Election of 2004), Series A, 4.75%, 8/01/30 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,744,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,638,976</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 6.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Poudre Valley Health Care) (c):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series B, 5.25%, 3/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>335</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>316,133</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 5.25%, 3/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>795,268</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Springs, Colorado, Utilities System Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Subordinate Lien, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/15/45 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>395</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>391,062</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Northwest Parkway Public Highway Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado, Senior Revenue Bonds, CABS, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.30%, 6/15/11 (a)(c)(d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,023,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Park Creek Metropolitan District, Colorado, Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Limited Tax Supported Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>440</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>344,582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,870,245</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Connecticut &#151; 5.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mashantucket Western Pequot Tribe, Connecticut,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Revenue Refunding Bonds:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series A, 5.50%, 9/01/28</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>767,205</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series B, 5.75%, 9/01/27 (e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,249,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,016,565</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida &#151; 11.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Arborwood Community Development District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Capital Improvement Special Assessment</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Master Infrastructure Projects), Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.10%, 5/01/14</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,535</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,249,183</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Halifax Hospital Medical Center, Florida, Hospital Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series A, 5%, 6/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,050</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>749,574</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hillsborough County, Florida, IDA, Exempt Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (National Gypsum Company), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 7.125%, 4/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,695,111</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jacksonville, Florida, Health Facilities Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Baptist Medical Center Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 8/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>715</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>560,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach, Florida, Health Facilities Authority, Hospital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds (Mount Sinai Medical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Center of Florida), 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,186,248</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Orange County, Florida, Tourist Development, Tax Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, 4.75%, 10/01/32 (f)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,640</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,397,067</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sumter Landing Community Development District,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Florida, Recreational Revenue Bonds, Sub-Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.70%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,585</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>983,825</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,821,883</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 7.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CenterPoint Intermodal Center Program Trust, Illinois,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Allocation Bonds, Class A, 10%, 6/15/23 (e)(u)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>664,751</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Educational Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Northwestern University), 5%, 12/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,094,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority Revenue Bonds, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Friendship Village of Schaumburg), 5.625%, 2/15/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>295</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>166,445</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Monarch Landing, Inc. Project), 7%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>575</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>348,341</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois State Finance Authority, Student Housing Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (MJH Education Assistance IV LLC), Sub-Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.375%, 6/01/35 (g)(h)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29,505</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,303,092</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Indiana &#151; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Municipal Power Agency, Power Supply System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds, Series B, 6%, 1/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>360,574</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kentucky &#151; 8.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kentucky Economic Development Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System Revenue Refunding Bonds (Norton</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Healthcare, Inc.), Series B, 6.201%, 10/01/24 (a)(i)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,780</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,583,578</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Louisiana &#151; 1.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Saint Tammany Parish, Louisiana, Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>S/F Mortgage Revenue Bonds (Home Ownership</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Program), Series A, 5.25%, 12/01/39 (j)(k)(l)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,231</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,201,540</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Maryland &#151; 2.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland State Community Development Administration,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Department of Housing and Community Development,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Residential Revenue Refunding Bonds, AMT, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.70%, 9/01/37</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,128,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Michigan &#151; 0.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Hospital Finance Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Henry Ford Health System), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 11/15/46</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>730</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>546,230</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Missouri &#151; 4.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri Joint Municipal Electric Utility Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Power Project Revenue Bonds (Plum Point Project),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.60%, 1/01/36 (i)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,385</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,701,149</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri State Housing Development Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>S/F Mortgage Revenue Refunding Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Homeownership Loan Program), AMT, Series B-1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.05%, 3/01/38 (j)(k)(l)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,970</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,955,481</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,656,630</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>29</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (BSD)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="70%"></TD>
     <TD width="10%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Multi-State &#151; 6.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (e)(m) $</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,102,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.875%, 6/30/49 (e)(m)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,799,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,901,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nevada &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Clark County, Nevada, EDR, Refunding (Alexander Dawson</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School of Nevada Project), 5%, 5/15/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>905</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>826,844</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey &#151; 4.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Middlesex County, New Jersey, Improvement Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Subordinate Revenue Bonds (Heldrich Center Hotel/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Conference Project), Series B, 6.25%, 1/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>645</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>325,248</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Cigarette Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 6/15/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,480</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,932,267</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey State Turnpike Authority, Turnpike Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series E, 5.25%, 1/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,355</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,362,046</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,619,561</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 5.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Albany, New York, IDA, Civic Facility Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(New Covenant Charter School Project), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%, 5/01/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>315</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>196,604</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City IDA, Special Facility</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds (Continental Airlines Inc. Project), AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.75%, 8/01/31 (u)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,395</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,286,713</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City, New York, City Municipal Water Finance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Second General Resolution, Water and Sewer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Bonds, Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>520</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>546,972</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,030,289</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio &#151; 3.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Buckeye Tobacco Settlement Financing Authority, Ohio,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco Settlement Asset-Backed Bonds, Series A-2,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 6/01/47</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,880</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,161,276</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio State Air Quality Development Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Dayton Power and Light Company</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), Series B, 4.80%, 1/01/34 (n)(o)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,508,655</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,669,931</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Oklahoma &#151; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tulsa, Oklahoma, Municipal Airport Trust, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds, Series A, 7.75%, 6/01/35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,225</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,034,794</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 9.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny County, Pennsylvania, Hospital Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (West Penn</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny Health System), Series A, 5%, 11/15/13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,471,645</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Exempt Facilities Revenue Bonds, AMT, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Amtrak Project), 6.50%, 11/01/16</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>976,870</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Amtrak Project) 6.125%, 11/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>606,417</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Amtrak Project), 6.25%, 11/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>777,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Reliant Energy), 6.75%, 12/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,745</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,525,318</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Resource Recovery Revenue Refunding Bonds (Colver</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project), AMT, Series G, 5.125%, 12/01/15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>723,645</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, AMT, Series 97A, 4.60%, 10/01/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>420</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>364,858</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington County, Pennsylvania, Capital Funding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Capital Projects and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Equipment Program), 6.15%, 12/01/29 (p)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>33,253</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,479,606</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>South Carolina &#151; 3.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs EDA, Hospital Facilities Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Palmetto Health Alliance), Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%, 8/01/13 (d)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,985,601</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="11%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>South Dakota &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Dakota State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Sanford Health),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/01/40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 910</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 795,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tennessee &#151; 2.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Memphis-Shelby County, Tennessee, Airport Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport Revenue Bonds, AMT, Series D, 6%, 3/01/24 (p)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,004,620</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 20.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brazos River Authority, Texas, PCR, Refunding (TXU Energy</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company LLC Project), AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 8.25%, 10/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>730</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>314,046</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 5.75%, 5/01/36 (u)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>730</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>430,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County-Houston Sports Authority, Texas,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Senior Lien, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.171%, 11/15/38 (a)(i)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>485,687</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County, Texas, Toll Road Revenue Bonds, Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lien, Series A, 5%, 8/15/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,135</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,108,953</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Houston, Texas, Combined Utility System, First Lien</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Series A, 6%, 11/15/35 (q)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,730</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,905,676</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>La Joya, Texas, Independent School District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 2/15/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,060</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,102,752</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County, Texas, Municipal Utility District</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Number 46, Waterworks and Sewer System, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 3/01/30 (i)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>295</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>277,141</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Texas Tollway Authority, System Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Second Tier, Series F, 6.125%, 1/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,025</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,029,718</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, Central Texas Turnpike</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>System Revenue Bonds, 6.053%, 8/15/31 (a)(p)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,313,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State, Water Financial Assistance, GO, Refunding,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 8/01/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>516,695</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,484,868</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 4.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>King County, Washington, Sewer Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, 5%, 1/01/36 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>620</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>621,352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington State, GO, Series E, 5%, 2/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,410</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,450,777</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington State Health Care Facilities Authority, Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding Bonds (Providence Health System), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.625%, 10/01/34 (i)(o)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>915</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>780,477</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,852,606</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wisconsin &#151; 5.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds (Ascension Health), Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 11/15/31</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,665</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,482,039</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 151.4%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>120,812,501</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (r)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Alabama &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Birmingham, Alabama, Special Care Facilities Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, Revenue Refunding Bonds (Ascension Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Credit), Series C-2, 5%, 11/15/36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>760</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>735,388</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 2.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Catholic Health) (c):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C-3, 5.10%, 10/01/41</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,210</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,160,027</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C-7, 5%, 9/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>780</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>748,535</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,908,562</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>30 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded) </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (BSD)</FONT></B><BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="15%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (r)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Connecticut &#151; 4.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Connecticut State Health and Educational Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority Revenue Bonds(Yale University):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series T-1, 4.70%, 7/01/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,624,161</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series X-3, 4.85%, 7/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,540</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,572,186</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,196,347</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 1.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago, Illinois, Housing Authority, Capital Program</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, 5%, 7/01/24 (c)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,425</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,430,317</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Massachusetts &#151; 2.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts State Water Resource Authority, General</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Refunding Bonds, Series A, 5%, 8/01/41</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,980</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,957,943</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tennessee &#151; 1.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shelby County, Tennessee, Health, Educational and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Housing Facility Board, Hospital Revenue Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds (Saint Jude Children&#146;s Research Hospital),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 7/01/31</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,280</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,279,910</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 3.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Virginia, Revenue Refunding Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%, 6/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,858,302</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virginia State, HDA, Commonwealth Mortgage Revenue</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bonds, Series H, Sub-Series H-1, 5.35%, 7/01/31 (i)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,130,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,989,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 1.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Central Puget Sound Regional Transportation Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington, Sales and Use Tax Revenue Bonds,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5%, 11/01/32 (c)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>907,883</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#151; 18.0%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,405,502</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $153,376,300) &#151; 169.4%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>135,218,003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Money Market Fund &#151; 0.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund, 0.72% (s)(t)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>301,197</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>301,197</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $301,197) &#151; 0.4%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>301,197</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $153,677,497*) &#151; 169.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>135,519,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liabilities in Excess of Other Assets &#151; (0.2)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(167,272)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expense and Fees Payable &#151; (9.8)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(7,780,715)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#151; (59.8)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(47,751,035)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 79,820,178</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of April 30,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$145,589,352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,888,080</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(19,722,190)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (17,834,110)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) CIFG Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) FSA Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) US government securities, held in escrow, are used to pay interest on this security,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as well as to retire the bond in full at the date indicated, typically at a premium</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to par.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) XL Capital Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) Non-income producing security.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) NPFGC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) FHLMC Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) FNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(l) GNMA Collateralized.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(m) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>trust is federally tax-exempt revenue bonds issued by various state or local govern-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(n) BHAC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(o) FGIC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(p) AMBAC Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(q) Assured Guaranty Insured.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(r) Securities represent bonds transferred to a tender option bond trust in exchange</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for which the Trust acquired residual interest certificates. These securities serve</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as collateral in a financing transaction. See Note 1 of the Notes to Financial</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements for details of municipal bonds transferred to tender option bond trusts.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(s) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="30%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Affiliate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Activity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,001,894)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,564</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(t) Represents the current yield as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(u) Variable rate security. Rate shown is as of report date.</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Accounting Standards Board Statement of Financial Accounting Standards</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No. 157, &#147;Fair Value Measurements&#148;, which clarifies the definition of fair value,</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>establishes a framework for measuring fair values and requires additional disclo-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sures about the use of fair value measurements. Various inputs are used in deter-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair value of investments, which are as follows:</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; price quotations in active markets/exchanges for identical securities</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; other observable inputs (including, but not limited to: quoted prices for</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets in markets that are not active, inputs other than quoted prices</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that are observable for the assets or liabilities (such as interest rates, yield</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>curves, volatilities, prepayment speeds, loss severities, credit risks and default</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3 &#151; unobservable inputs based on the best information available in the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstance, to the extent observable inputs are not available (including the</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to the Note 1 of the Notes to Financial Statements.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of April 30, 2009 in determining</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="53%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Inputs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 301,197</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>135,218,003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$135,519,200</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>31</FONT></P>
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     <TD colSpan=3 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statements of Assets and Liabilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Long-Term</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Quality</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Trust Inc.</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Advantage Trust</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2020 Term Trust</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income Trust</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Trust</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(BKN)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(BTA)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(BKK)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(BFK)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(BPS)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(BSD)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments at value &#151; unaffiliated</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 324,819,302</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 203,679,751</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 410,905,467</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 803,404,981</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 40,411,411</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 135,218,003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments at value &#151; affiliated</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,400,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,400,185</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,301,041</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>423,950</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>99,970</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>301,197</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>96,382</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>57,369</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>48,665</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>99,056</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>157,911</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>61,878</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments sold receivable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,306,809</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>916,219</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,119,295</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,806,980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>729,379</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest receivable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,060,751</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,046,376</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,337,524</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,265,027</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>595,135</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,137,236</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Income receivable &#151; affiliated</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>264</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>209</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>672</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>59</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>45,372</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>39,289</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>50,918</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>124,733</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,311</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,211</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>34,903</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,189</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,120</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>96,284</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,036</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,767</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>342,763,783</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>210,147,439</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>422,791,239</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>820,221,683</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41,270,796</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>138,473,730</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Accrued Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments purchased payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,470,106</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,497,464</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,114,536</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>245,828</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,502,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Income dividends payable &#151; Common Shares</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,066,554</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>733,983</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,259,730</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,033,813</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>91,056</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>455,502</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment advisory fees payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>93,402</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>60,796</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>169,790</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>326,565</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,724</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>65,204</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Administration fees payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40,562</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer&#146;s and Directors&#146;/Trustees&#146; fees payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>36,293</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,052</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29,575</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>98,253</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,566</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,472</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,034</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>548,540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,871</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>118,248</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,757</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Other affiliates payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>777</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,576</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,696</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>264</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>868</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Other accrued expenses payable</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>117,778</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>83,315</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>125,483</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>176,552</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>61,881</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>90,268</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total accrued liabilities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,843,729</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,933,927</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,610,025</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,872,663</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>422,319</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,138,559</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Other Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust certificates</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,137,799</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>79,135,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,750,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>46,388,860</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,763,958</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,981,528</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>83,068,927</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,360,025</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>52,261,523</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>422,319</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,902,517</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares at Redemption Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$25,000 per share at liquidation preference, plus</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>unpaid dividends</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>126,971,191</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>173,860,058</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>293,146,623</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,825,365</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>47,751,035</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 196,811,064</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 127,078,512</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 243,571,156</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 474,813,537</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 24,023,112</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 79,820,178</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders Consist of</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Paid-in capital</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,6,7</FONT></SUP>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 235,308,280</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 190,789,578</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 287,184,576</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 628,192,801</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 28,487,095</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 103,341,933</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Undistributed net investment income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,076,570</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,540,840</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,003,314</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,300,273</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>289,360</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>850,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Accumulated net realized loss</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,515,422)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(29,164,257)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,354,286)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(44,780,623)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,565,394)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,213,578)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(32,058,364)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(36,087,649)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(45,262,448)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(115,898,914)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,187,949)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,158,297)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 196,811,064</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 127,078,512</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 243,571,156</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 474,813,537</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 24,023,112</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 79,820,178</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value per Common Share</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.63</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.52</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.04</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.74</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.87</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.95</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments at cost &#151; unaffiliated</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 356,877,666</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 239,767,400</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 456,167,915</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 919,303,895</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 43,599,360</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 153,376,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments at cost &#151; affiliated</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,400,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,400,185</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,301,041</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 423,950</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 99,970</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 301,197</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Represents short-term floating rate certificates</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>issued by tender option bond trusts.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding, $0.001 par value</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,078</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,954</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,725</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>673</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,910</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Par value per Common Share</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 0.01</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 0.001</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 0.001</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 0.001</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 0.001</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 0.001</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shares outstanding</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,929,437</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,345,152</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,236,628</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>44,224,674</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,023,459</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,288,024</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shares authorized</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200 Million</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Unlimited</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Unlimited</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Unlimited</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Unlimited</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Unlimited</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>32 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statements of Operations</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Quality</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Trust Inc. (BKN)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Advantage Trust (BTA)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Term Trust (BKK)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1,</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008 to April 30,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008 to April 30,</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009 to April 30,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,535,096</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 20,509,132</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,941,153</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16,591,012</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,981,492</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 25,032,092</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Income &#151; affiliated</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>154,138</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>354,461</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,062</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>71,287</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,479</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>49,076</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,689,234</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,863,593</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,960,215</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,662,299</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,997,971</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,081,168</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expenses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment advisory</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>549,564</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,316,996</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>571,722</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,636,505</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>670,108</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,257,467</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Administration</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>235,529</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>564,204</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Commissions for Preferred Shares</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>109,915</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>347,310</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>85,205</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>434,121</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Professional</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>56,568</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>118,144</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>48,571</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>137,180</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>46,553</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>124,643</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Accounting services</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>33,658</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>54,038</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,553</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>43,889</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,386</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>62,445</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Printing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,802</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27,479</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,083</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,011</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,503</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38,738</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transfer agent</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,547</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,858</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,673</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,953</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,106</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26,136</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer and Directors/Trustees</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,291</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,455</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,389</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,565</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,793</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,872</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Custodian</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,432</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,482</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,647</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,492</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,752</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26,343</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Registration</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,183</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,363</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,055</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,665</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,055</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,811</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miscellaneous</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>44,241</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,863</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,024</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>147,945</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>46,253</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>37,415</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses excluding interest expense and fees</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,089,730</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,497,192</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>697,717</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,027,205</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>925,714</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,021,991</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>65,196</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>246,057</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>988,776</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,534,868</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,062</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>58,652</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,154,926</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,743,249</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,686,493</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,562,073</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>938,776</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,080,643</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Less fees waived by advisor</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(10,003)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(29,489)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(231,140)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(659,750)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,309)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,744)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Less fees paid indirectly</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(494)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(676)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(462)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,144,923</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,713,266</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,455,353</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,901,647</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>933,467</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,075,437</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,544,311</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,150,327</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,504,862</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,760,652</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,064,504</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,005,731</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain (loss) from:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,362,556)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,405,784)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,911,767)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(21,132,284)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>48,391</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>54,030</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Futures and forward interest rate swaps</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(162,500)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,799,788)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,047,858)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,525,056)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,205,572)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,911,767)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(22,180,142)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>48,391</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>54,030</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,192,055</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(63,161,214)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,507,695</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(48,663,447)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,473,603</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(86,853,534)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Futures and forward interest rate swaps</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(70,840)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>400,780</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>111,029</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,121,215</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(62,760,434)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,507,695</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(48,552,418)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,473,603</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(86,853,534)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,596,159</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(66,966,006)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,595,928</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(70,732,560)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,521,994</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(86,799,504)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(776,524)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,278,893)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(448,388)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,989,683)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Increase (Decrease) in Net Assets Applicable</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to Common Shareholders Resulting from Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 23,363,946</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (54,094,572)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,100,790</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (59,971,908)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 35,138,110</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (70,783,456)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Related to tender option bond trusts.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>33</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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     <TD colSpan=2 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statements of Operations (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust (BFK)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Trust (BPS)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust (BSD)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1,</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008 to April 30,</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009 to April 30,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>December 31,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009 to April 30,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 25,511,663</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 56,097,124</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 683,989</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,121,123</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,744,362</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,704,781</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Income &#151; affiliated</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>69,748</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>399,432</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>674</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>64,449</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,814</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>69,905</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,581,411</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>56,496,556</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>684,663</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,185,572</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,751,176</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,774,686</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expenses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment advisory</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,306,377</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,774,557</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>78,624</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>262,178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>259,293</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>918,236</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Commissions for Preferred Shares</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>257,365</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>880,272</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,238</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42,413</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,378</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>134,372</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Accounting services</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>60,851</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>86,049</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,219</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,105</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,015</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Professional</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>82,186</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>179,845</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>31,084</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>55,143</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41,444</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>80,569</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Transfer agent</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24,711</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38,867</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,202</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,981</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,026</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,203</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Printing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>52,486</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>78,937</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,494</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>483</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,155</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,997</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer and Directors/Trustees</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>34,862</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,051</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,578</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,065</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,619</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>847</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Custodian</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,067</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>47,694</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,396</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,108</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,990</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,845</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Registration</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,160</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,021</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>268</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,063</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,860</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miscellaneous</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>66,704</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>60,732</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,450</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,512</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,324</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,418</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses excluding interest expense and fees</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,908,769</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,182,025</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>145,553</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>416,988</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>380,307</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,224,163</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>234,779</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,041,533</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,885</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,993</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200,916</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,143,548</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,223,558</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>145,553</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>424,873</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>399,300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,425,079</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Less fees waived by advisor</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(400,734)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,367,742)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,356)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(40,821)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,190)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(83,109)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Less fees paid indirectly</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(157)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(128)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(673)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,742,814</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,855,659</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>144,197</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>383,924</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>397,110</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,341,297</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,838,597</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>49,640,897</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>540,466</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,801,648</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,354,066</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,433,389</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized loss from:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,698,327)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,543,011)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(220,388)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(969,315)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(202,367)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,766,957)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Futures and forward interest rate swaps</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(437,838)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,165,912)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(97,610)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,307,627)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,136,165)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,708,923)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(220,388)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,066,925)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(202,367)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,074,584)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29,787,619</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(186,236,404)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,311,593</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,746,319)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,424,734</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(27,923,884)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Futures and forward interest rate swaps</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,554,181)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,795,849</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>48,202</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>572,097</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,233,438</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(184,440,555)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,311,593</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,698,117)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,424,734</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(27,351,787)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26,097,273</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(194,149,478)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,091,205</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,765,042)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,222,367</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(31,426,371)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,535,815)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(13,027,692)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(42,935)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(573,868)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(121,851)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,866,936)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Increase (Decrease) in Net Assets Applicable</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to Common Shareholders Resulting from Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 47,400,055</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (157,536,273)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,588,736</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (5,537,262)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,454,582</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (25,859,918)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Related to tender option bond trusts.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>34 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statements of Changes in Net Assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1, 2008</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,544,311</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18,150,327</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18,111,477</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,525,056)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,205,572)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>288,808</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,121,215</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(62,760,434)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(13,839,313)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(776,524)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,278,893)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,316,266)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,363,946</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(54,094,572)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(755,294)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,741,319)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,020,485)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(17,197,915)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Share Transactions</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reinvestment of dividends</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,031,105</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,347,346</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,622,627</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(67,083,952)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(16,605,863)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>180,188,437</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>247,272,389</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>263,878,252</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 196,811,064</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 180,188,437</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 247,272,389</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period undistributed net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,076,570</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,054,424</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,209,470</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1, 2008</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Increase (Decrease) in Net Assets:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,504,862</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10,760,652</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,344,930</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,911,767)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(22,180,142)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>217,217</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,507,695</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(48,552,418)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,541,298)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets resulting from operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,100,790</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(59,971,908)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,979,151)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends to Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,403,900)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(8,807,800)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,535,364)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Share Transactions</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reinvestment of dividends</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>538,721</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,696,890</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(68,779,708)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(14,975,794)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>114,381,622</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>183,161,330</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>198,137,124</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 127,078,512</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 114,381,622</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 183,161,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period undistributed (distributions in excess of) net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,540,840</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,424,388</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (536,602)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>35</FONT></P>
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     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statements of Changes in Net Assets (continued)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1, 2009</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,064,504</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 22,005,731</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 22,564,782</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>48,391</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>54,030</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>268,071</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,473,603</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(86,853,534)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(19,802,469)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(448,388)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,989,683)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,645,261)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>35,138,110</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(70,783,456)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,614,877)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,038,920)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,116,761)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(16,144,296)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,099,190</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(85,900,217)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(19,759,173)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>213,471,966</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>299,372,183</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>319,131,356</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 243,571,156</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 213,471,966</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 299,372,183</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period undistributed net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,003,314</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,426,118</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,524,889</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1, 2008</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 22,838,597</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 49,640,897</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 49,131,354</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized loss</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,136,165)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,708,923)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(674,035)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,233,438</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(184,440,555)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(27,798,820)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends and distributions to Preferred Shareholders from:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,535,815)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(13,027,692)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(13,506,034)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,029)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>47,400,055</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(157,536,273)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,134,436</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends and Distributions to Common Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,194,578)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(40,311,763)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(43,341,822)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(57,432)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Decrease in net assets resulting from dividends and distributions to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,194,578)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(40,311,763)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(43,399,254)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Share Transactions</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reinvestment of dividends</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>319,545</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,155,812</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,165,968</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29,525,022</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(195,692,224)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(33,098,850)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>445,288,515</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>640,980,739</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>674,079,589</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 474,813,537</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 445,288,515</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 640,980,739</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period undistributed net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,300,273</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,201,196</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,939,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>36 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<TR vAlign=bottom>
     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statements of Changes in Net Assets (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=center><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Pennsylvania</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=center><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic Municipal Trust (BPS)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1, 2009</FONT></B>&nbsp;</TD>
     <TD colSpan=3 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 540,466</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,801,648</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,006,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(220,388)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,066,925)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>485,697</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,311,593</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,698,117)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,991,463)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(42,935)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(573,868)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(618,041)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,588,736</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,537,262)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(116,972)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(364,223)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,244,164)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,669,162)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Share Transactions</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reinvestment of dividends</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,724</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40,768</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,224,513</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,761,702)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,745,366)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21,798,599</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,560,301</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,305,667</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 24,023,112</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 21,798,599</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 28,560,301</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period undistributed net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 289,360</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 156,046</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 172,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (BSD)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1, 2009</FONT></B>&nbsp;</TD>
     <TD colSpan=3 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Operations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,354,066</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,433,389</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,787,890</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(202,367)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,074,584)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,711,382</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,424,734</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(27,351,787)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,831,016)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(121,851)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,866,936)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,313,246)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,454,582</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(25,859,918)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,644,990)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders From</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,822,006)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,920,231)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(7,402,121)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Share Transactions</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reinvestment of dividends</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>86,152</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>231,559</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets applicable to Common Shareholders</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,632,576</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(31,693,997)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,815,552)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>72,187,602</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103,881,599</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>113,697,151</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 79,820,178</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 72,187,602</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 103,881,599</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>End of period undistributed net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 850,120</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 444,294</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 797,351</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>37</FONT></P>
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     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statements of Cash Flows</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Advantage Trust (BTA)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1,</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008 to April 30,</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Cash Provided by Operating Activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets resulting from operations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,100,790</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (59,971,908)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>provided by operating activities:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Decrease in receivables</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>623,862</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,244,177</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(Increase) decrease in prepaid expenses and other assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,842)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>64,678</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Decrease in other liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(490,884)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,435,654)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(12,595,928)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>69,684,702</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amortization of premium and discount on investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>125,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>165,318</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Proceeds from sales of long-term investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>37,894,428</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>134,739,522</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Purchases of long-term investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(27,240,648)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(49,578,990)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net proceeds from sales (net purchases) of short-term investments</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(299,302)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,644,266</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net cash provided by operating activities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,107,876</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>96,556,111</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Cash Used for Financing Activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash receipts for trust certificates</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,500,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash payments for trust certificates</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,160,000)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(87,732,503)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash dividends paid</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,403,900)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(8,807,800)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Decrease in bank overdraft</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,415)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net cash used for financing activities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,063,900)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(96,542,718)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Cash</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase in cash</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>43,976</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,393</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash at beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,393</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash at end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 57,369</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13,393</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Cash Flow Information</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash paid during the period for interest</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,481,087</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,828,635</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>38 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial Highlights</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008 to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended October 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2004</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share Operating Performance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.64</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.73</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.79</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.59</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.71</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.28</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD colSpan=2 align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.14</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.17</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.94</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3.97)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.79)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.11)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.26</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.05)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.31)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.32)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.28)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.19)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.09)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3.20)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.03)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.26</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.84</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.34</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.40)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.89)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.03)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.06)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.96)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.91)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.63</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.64</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.73</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.79</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.59</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.71</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market price, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.25</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16.35</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18.97</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16.62</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.12</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investment Return</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on net asset value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13.63%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(22.93)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.95)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.38%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.34%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.48%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on market price</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15.12%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(33.11)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(8.49)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21.06%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.68%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12.91%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and excluding interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.20%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.28%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.17%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and before fees paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.28%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.19%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.29%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.19%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.53%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.84%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.06%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.21%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.87%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.28%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.81%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.17%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.60%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.66%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.56%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.99%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.28%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.04%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.66%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Supplemental Data</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 196,811</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 180,188</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 247,272</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 263,878</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 260,494</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 262,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding at liquidation preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 126,950</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 126,950</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 146,550</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 146,550</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 146,550</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 146,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Portfolio turnover</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>82%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>77%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>52%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset coverage per Preferred Share, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 63,762</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 60,495</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 67,185</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 70,054</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 69,465</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 69,790</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on average shares outstanding.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate total investment return.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees related 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 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>39</FONT></P>
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     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial Highlights</FONT>&nbsp;</TD>
     <TD colSpan=4 align=right><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>February 28,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008 to</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B><B><SUP><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP></B><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share Operating Performance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.57</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.72</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.89</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.33</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.34</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.81</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.70</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.45</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.94</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5.30)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.15)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.62</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4.49)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.45)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.33)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.66)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.72)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.48)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Capital charges with respect to issuance of Common Shares</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.03)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.52</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.57</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.72</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.89</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market price, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.79</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.14</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.70</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investment Return</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on net asset value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15.78%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(33.64)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2.93)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.48%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on market price</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.06%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(26.49)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(13.00)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.40%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ratios to Average Net Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and excluding interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.82%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.89%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.97%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.55%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.60%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.29%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.11%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and before fees paid indirectly</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.55%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.60%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.29%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.14%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.95%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.00%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.69%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.55%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.88%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.56%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.87%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.79%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Supplemental Data</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net assets, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 127,079</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 114,382</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 183,161</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 198,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Portfolio turnover</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>39%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Commencement of operations.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, beginning of period, reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on average shares outstanding.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate total investment return.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees related 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 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>40 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial Highlights</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009 to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2004</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share Operating Performance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.55</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.79</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.77</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.85</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.51</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.35</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.41</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4.28)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.97)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.48</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.28</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.02)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.30)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.33)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.29)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.20)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.10)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.74</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3.49)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.18)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.30</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.28</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.25)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.75)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.80)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.80)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.87)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.94)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.04</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.55</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.79</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.77</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.85</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market price, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.70</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.57</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.60</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.77</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.00</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.02</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investment Return</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on net asset value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.39%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(24.57)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.16)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.72%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.98%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.98%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on market price</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22.54%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(17.81)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9.11)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18.66%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.28)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.63%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and excluding interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.21%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.10%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.05%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.23%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.12%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.05%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.23%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.12%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.06%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.28%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.01%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.27%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.27%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.67%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.59%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.18%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.14%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.89%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.34%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.72%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.69%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.13%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.20%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.93%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.95%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Supplemental Data</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 243,571</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 213,472</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 299,372</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 319,131</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 309,146</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 300,518</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding at liquidation preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 173,850</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 173,850</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 177,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 177,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 177,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 177,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Portfolio turnover</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>51%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset coverage per Preferred Share, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 60,027</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 55,703</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 67,154</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 69,937</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 68,527</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 67,307</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on average shares outstanding.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate total investment return.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees related 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 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>41</FONT></P>
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     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial Highlights</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD colSpan=4 align=right><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust (BFK)</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>November 1,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008 to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended October 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2004</FONT></B>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share Operating Performance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.08</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.55</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.37</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.71</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.26</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.87</FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.52</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.12</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.14</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.19</FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.58</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4.38)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.63)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.78</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.43</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.26</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends and distributions to Preferred Shareholders from:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.03)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.30)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.31)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.27)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.18)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.09)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.00)</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3.56)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.17</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.65</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.43</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.36</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends and distributions to Common Shareholders from:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.41)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.91)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.99)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.99)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.98)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.97)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized gain</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.00)</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total dividends and distributions to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.41)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.91)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.99)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.99)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.98)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.97)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.74</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.08</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.55</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.37</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.71</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.26</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market price, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.10</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.75</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.92</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17.30</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.69</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.05</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investment Return</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>3</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on net asset value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.15%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(25.69)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.70%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.24%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.21%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.29%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on market price</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>32.34%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(41.05)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2.11)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17.39%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19.31%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.01%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and excluding interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.15%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.98%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.26%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.15%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.44%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.38%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.18%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.21%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.22%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.23%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.48%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.34%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.43%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.65%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.97%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.44%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.70%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.19%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.04%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.23%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.63%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.78%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.15%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.39%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.82%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.74%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.81%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Supplemental Data</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 474,814</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 445,289</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 640,981</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 674,080</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 642,047</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 621,648</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding at liquidation preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 293,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 293,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 375,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 375,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 375,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 375,125</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Portfolio turnover</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>77%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>68%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset coverage per Preferred Share, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 65,498</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 62,989</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 67,727</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 69,933</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 67,797</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 66,435</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on average shares outstanding.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amount is less than $(0.01) per share.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate total investment return.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees related 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 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>42 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial Highlights</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009 to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2004</FONT></B>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share Operating Performance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.77</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.12</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.01</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.81</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16.09</FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.27</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.89</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.99</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.02</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.97</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07</FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.03</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3.36)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.74)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.09)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.42)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.37)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.02)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.26)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.31)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.28)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.19)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.09)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2.73)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.06)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.65</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.61</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.18)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.62)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.83)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.91)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.90)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.89)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.87</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.77</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.12</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.01</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.81</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market price, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.85</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.42</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.55</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17.43</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.85</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.70</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investment Return</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on net asset value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12.28%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(19.63)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.82)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.09%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.39%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.21%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on market price</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19.18%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(34.53)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18.04)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.45%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.02%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.12%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and excluding interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.61%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.42%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.35%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.23%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.13%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.03%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.61%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.45%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.35%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.23%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.13%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.03%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and before fees paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.61%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.45%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.37%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.28%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.21%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.08%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.63%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.61%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.55%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.51%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.52%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.47%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.38%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.82%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.82%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.73%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.28%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.74%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.56%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.17%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.10%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.85%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.22%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.82%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.65%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.72%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.88%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.06%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.15%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Supplemental Data</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 24,023</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 21,799</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 28,560</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 30,306</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 30,801</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 31,857</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding at liquidation preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16,825</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16,825</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Portfolio turnover</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>45%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>41%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset coverage per Preferred Share, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 60,696</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 57,399</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 65,817</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 68,305</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 69,008</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 70,513</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on average shares outstanding.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate total investment return.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees related 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 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized. Certain expenses incurred this period have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>after fees waived and paid indirectly and excluding interest expense and fees, total expenses after fees waived and paid indirectly, total expenses after fees waived and before</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.89%, 1.89%, 1.89%, 1.91%, 7.09% and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.53%, respectively.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>43</FONT></P>
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     <TD width="9%"></TD>
     <TD width="2%"></TD>
     <TD width="5%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial Highlights</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=right><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (BSD)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>January 1,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009 to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year Ended December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2004</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share Operating Performance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.90</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.64</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.68</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.70</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.91</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.32</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.02</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.14</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.26</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4.32)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.10)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.28</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.07</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.41)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.02)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.26)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.32)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.29)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.20)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.10)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) from investment operations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.30</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3.56)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.35)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.06</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.01</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.75</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders from net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.25)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.81)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.02)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.10)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1.03)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.96)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.95</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.90</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.64</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.68</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15.70</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market price, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.15</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8.19</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.96</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18.69</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17.14</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.52</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investment Return</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on net asset value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13.44%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(25.70)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2.82)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.38%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.67%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.41%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on market price</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27.11%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(37.17)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(20.44)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.29%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26.08%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and excluding interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.40%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.23%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.13%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.04%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.97%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.89%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.48%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.45%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.13%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.04%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.97%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.89%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and before fees paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.48%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.45%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.14%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.98%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.90%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.49%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.54%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.30%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.31%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.29%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.28%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.48%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.04%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.12%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.89%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.23%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.04%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.49%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.02%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.12%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.83%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.26%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.62%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.99%</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.02%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.06%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.97%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Supplemental Data</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net assets applicable to Common Shareholders, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 79,820</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 72,188</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 103,882</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 113,697</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 113,684</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 113,686</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding at liquidation preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 47,750</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 47,750</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 62,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 62,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 62,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 62,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Portfolio turnover</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>71%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>96%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset coverage per Preferred Share, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 66,791</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 62,803</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 66,904</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 78,856</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 70,847</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 70,844</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Based on average shares outstanding.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>returns exclude the effects of sales charges.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate total investment return.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest expense and fees related 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 size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Do not reflect the effect of dividends to Preferred Shareholders.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized. Certain expenses incurred this period have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>after fees waived and paid indirectly and excluding interest expense and fees, total expenses after fees waived and paid indirectly, total expenses after fees waived and before</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.89%, 1.89%, 1.89%, 1.91%, 7.09% and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.53%, respectively.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Annualized.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>44 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>1. Organization and Significant Accounting Policies:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (&#147;Investment Quality</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal&#148;) is organized as a Maryland corporation. BlackRock Long-Term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Advantage Trust (&#147;Long-Term Municipal&#148;), BlackRock Municipal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2020 Term Trust (&#147;Municipal 2020&#148;), BlackRock Municipal Income Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(&#147;Municipal Income&#148;), BlackRock Pennsylvania Strategic Municipal Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(&#147;Pennsylvania Strategic&#148;) and BlackRock Strategic Municipal Trust (&#147;Strategic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal&#148;) (the &#147;Trusts&#148; or individually as the &#147;Trust) are organized as</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware statutory trusts. Investment Quality Municipal, Municipal 2020,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income and Strategic Municipal are registered under the Invest-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as diversified</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>closed-end management investment companies. Long-Term Municipal and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic are registered as non-diversified, closed-end man-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>agement investment companies under the 1940 Act. Investment Quality</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal, Long Term Municipal and Municipal Income are herein referred</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to as the Municipal Trusts. Municipal 2020 is herein referred to as the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2020 Trust. Pennsylvania Strategic and Strategic Municipal are herein</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>referred to as the Strategic Trusts. The Municipal Trusts, the 2020 Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and the Strategic Trusts are referred herein collectively as the &#147;Trusts&#148; or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>individually as a &#147;Trust&#148;. The Trusts&#146; financial statements are prepared in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>conformity with accounting principles generally accepted in the United</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>States of America, which may require the use of management accruals</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and estimates. Actual results may differ from these estimates. The Trusts&#146;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>year ends were changed to April 30 as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="46%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Current Period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Prior Year End</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>November 1, 2008 to April 30, 2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>October 31, 2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>November 1, 2008 to April 30, 2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>October 31, 2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 1, 2009 to April 30, 2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>December 31, 2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>November 1, 2008 to April 30, 2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>October 31, 2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 1, 2009 to April 30, 2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>December 31, 2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 1, 2009 to April 30, 2009</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>December 31, 2008</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust determines, and makes available for publication the net asset</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>value of its Common Shares on a daily basis.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following is a summary of significant accounting policies followed by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trusts:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Valuation of Investments: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal investments (including commitments</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to purchase such investments on a &#147;when-issued&#148; basis) are valued on the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>basis of prices provided by dealers or pricing services selected under the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>supervision of each Trust&#146;s Board of Directors/Trustees (the &#147;Board&#148;). In</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>determining the value of a particular investment, pricing services may use</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>certain information with respect to transactions in such investments, quota-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions from dealers, pricing matrixes, market transactions in comparable</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments and information with respect to various relationships between</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments. Financial futures contracts traded on exchanges are valued</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>at their last sale price. Swap agreements are valued by utilizing quotes</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>received daily by the Trusts&#146; pricing service or through brokers, which are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>derived using daily swap curves and trades of underlying securities.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Short-term securities with maturities less than 60 days may be valued at</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>amortized cost, which approximates fair value. Investments in open-end</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment companies are valued at net asset value each business day.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In the event that application of these methods of valuation results in a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>price for an investment which is deemed not to be representative of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>market value of such investment, the investment will be valued by a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>method approved by each Trust&#146;s Board as reflecting fair value (&#147;Fair Value</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assets&#148;). When determining the price for Fair Value Assets, the investment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>advisor and/or sub-advisor seeks to determine the price that each Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>might reasonably expect to receive from the current sale of that asset in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>an arm&#146;s length transaction. Fair value determinations shall be based upon</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>all available factors that the investment advisor and/or sub-advisor deems</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>relevant. The pricing of all Fair Value Assets is subsequently reported to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board or a committee thereof.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Derivative Financial Instruments: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust may engage in various portfolio</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment strategies both to increase the return of the Trust and to hedge,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or protect, its exposure to interest rate movements and movements in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>securities markets. Losses may arise if the value of the contract decreases</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>due to an unfavorable change in the price of the underlying security or if</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the counterparty does not perform under the contract.</FONT></P>
<P align=left><FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial futures contracts &#151; Each Trust may purchase or sell financial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>futures contracts and options on such futures contracts for investment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>purposes or to manage its interest rate risk. Futures are contracts for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>delayed delivery of securities at a specific future date and at a specific</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>price or yield. Pursuant to the contract, the Trust agrees to receive from,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or pay to, the broker an amount of cash equal to the daily fluctuation in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>value of the contract. Such receipts or payments are known as margin</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>variation and are recognized by the Trust as unrealized gains or losses.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>When the contract is closed, the Trust records a realized gain or loss</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>equal to the difference between the value of the contract at the time it</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>was opened and the value at the time it was closed. The use of futures</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>transactions involves the risk of an imperfect correlation in the move-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments in the price of futures contracts, interest rates and the underlying</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets, and the possible inability of counterparties to meet the terms of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>their contracts.</FONT><BR>
<BR>
<FONT size=5 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;</FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Forward interest rate swaps &#151; Each Trust may enter into forward interest</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate swaps for investment purposes. The Trusts may enter into swap</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>agreements in which the Trust and the counterparty agree to make</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>periodic net payments on a specified notional amount. In a forward</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>interest rate swap, a Trust and the counterparty agree to make periodic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>net payments on a specified notional contract amount, commencing</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on a specified future effective date, unless terminated earlier. These</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>periodic payments received or made by the Trusts are recorded in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>accompanying Statements of Operations as realized gains or losses,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>respectively. Swaps are marked-to-market daily and changes in value</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are recorded as unrealized appreciation (depreciation). When the swap</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>is terminated, the Trusts will record a realized gain or loss equal to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>difference between the proceeds from (or cost of) the closing trans-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>action and the Trusts&#146; basis in the contract, if any. The Trusts generally</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>intend to close each forward interest rate swap before the effective date</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>specified in the agreement and therefore avoid entering into the interest</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate swap underlying each forward interest rate swap. Swap transac-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions involve, to varying degrees, elements of credit and market risk in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>excess of the amounts recognized on the Statements of Assets and</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>45</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Liabilities. Such risks involve the possibility that there will be no liquid</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>market for these agreements, that the counterparty to the agreements</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may default on its obligation to perform or disagree as to the meaning</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of the contractual terms in the agreements, and that there may be unfa-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>vorable changes in interest rates and/or market values associated with</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>these transactions.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Forward Commitments and When-Issued Delayed Delivery Securities: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust may purchase securities on a when-issued basis and may purchase</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or sell securities on a forward commitment basis. Settlement of such trans-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>actions normally occurs within a month or more after the purchase or sale</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>commitment is made. The Trusts may purchase securities under such condi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions only with the intention of actually acquiring them, but may enter into</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a separate agreement to sell the securities before the settlement date.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since the value of securities purchased may fluctuate prior to settlement,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trusts may be required to pay more at settlement than the security is</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>worth. In addition, the purchaser is not entitled to any of the interest</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>earned prior to settlement. When purchasing a security on a delayed-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>delivery basis, the Trusts assume the rights and risks of ownership of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>security, including the risk of price and yield fluctuations.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to Tender Option Bond Trusts: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>leverages its assets through the use of tender option bond trusts (&#147;TOBs&#148;).</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A TOB is established by a third party sponsor forming a special purpose</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>entity, into which one or more funds, or an agent on behalf of the funds,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>transfers municipal bonds. Other funds managed by the investment advisor</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may also contribute municipal bonds to a TOB into which a Trust has con-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tributed securities. A TOB typically issues two classes of beneficial interests:</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>short-term floating rate certificates, which are sold to third party investors,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and residual certificates (&#147;TOB Residuals&#148;), which are generally issued to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the participating funds that made the transfer. The TOB Residuals held by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trusts include the right of the Trusts (1) to cause the holders of a pro-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>portional share of the floating rate certificates to tender their certificates</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>at par, and (2) to transfer, within seven days, a corresponding share of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>municipal bonds from the TOB to the Trusts. The TOB may also be termi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>nated without the consent of the Trusts upon the occurrence of certain</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>events as defined in the TOB agreements. Such termination events may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>include the bankruptcy or default of the municipal bond, a substantial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>downgrade in credit quality of the municipal bond, the inability of the TOB</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to obtain quarterly or annual renewal of the liquidity support agreement, a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>substantial decline in market value of the municipal bond or the inability to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>remarket the short-term floating rate certificates to third party investors.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The cash received by the TOB from the sale of the short-term floating rate</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>certificates, less transaction expenses, is paid to the Trust, which typically</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>invests the cash in additional municipal bonds. The Trusts&#146; transfer of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>municipal bonds to a TOB is accounted for as a secured borrowing, there-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fore the municipal bonds deposited into a TOB are presented in the Trusts&#146;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Schedules of Investments and the proceeds from the issuance of the short-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>term floating rate certificates shown on the Statements of Assets and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Liabilities as trust certificates.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest income from the underlying securities is recorded by the Trusts on</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>an accrual basis. Interest expense incurred on the secured borrowing and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>other expenses related to remarketing, administration and trustee services</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to a TOB are reported as expenses of the Trusts. The floating rate certificates</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>have interest rates that generally reset weekly and their holders have the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>option to tender certificates to the TOB for redemption at par at each reset</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>date. At April 30, 2009, the aggregate value of the underlying municipal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bonds transferred to TOBs, the related liability for trust certificates and the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>range of interest rates for trust certificates were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="35%"></TD>
     <TD width="22%"></TD>
     <TD width="19%"></TD>
     <TD width="22%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Underlying</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Range of</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Interest</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Bonds</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liability</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Rates for</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Transferred</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>for Trust</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to TOBs</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Certificates</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Certificates</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18,734,804</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10,137,799</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.653% &#150; 1.188%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$109,826,876</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$79,135,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.617% &#150; 3.768%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,368,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,750,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.928%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 84,000,466</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$46,388,860</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.553% &#150; 1.686%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14,405,502</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$7,763,958</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.370% &#150; 0.928%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial transactions executed through TOBs generally will underperform</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the market for fixed rate municipal bonds when short-term interest rates</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rise, but tend to outperform the market for fixed rate bonds when short-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>term interest rates decline or remain relatively stable. Should short-term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>interest rates rise, the Trusts&#146; investment in TOBs may adversely affect the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts&#146; investment income and distributions to shareholders. Also, fluctua-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions in the market value of municipal bonds deposited into the TOB may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>adversely affect the Trusts&#146; net asset value per share.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Zero-Coupon Bonds: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust may invest in zero-coupon bonds, which</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are normally issued at a significant discount from face value and do not</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>provide for periodic interest payments. Zero-coupon bonds may experience</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>greater volatility in market value than similar maturity debt obligations</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which provide for regular interest payments.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Segregation and Collateralization: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In cases in which the 1940 Act and the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>interpretive positions of the Securities and Exchange Commission (&#147;SEC&#148;)</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>require that each Trust segregates assets in connection with certain invest-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments (e.g. when-issued delayed delivery securities, futures and swaps),</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Trust will, consistent with certain interpretive letters issued by the SEC,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>designate on their books and records cash or other liquid securities having</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a market value at least equal to the amount that would otherwise be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>required to be physically segregated. Furthermore, based on requirements</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and agreements with certain exchanges and third party broker-dealers, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts may also be required to deliver or deposit securities as collateral for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>certain investments (e.g. when-issued delayed delivery securities, futures</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and swaps).</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Investment Transactions and Investment Income: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment transactions</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are recorded on the dates the transactions are entered into (the trade</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dates). Realized gains and losses on security transactions are determined</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the identified cost basis. Dividend income is recorded on the ex-divi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dend dates. Interest income is recognized on the accrual method. Each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust amortizes all premiums and discounts on debt securities.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Dividends and Distributions: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends from net investment income are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>declared and paid monthly. Distributions of capital gains are recorded on</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the ex-dividend dates. Dividends and distributions to Preferred Shareholders</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are accrued and determined as described in Note 5.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>46 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Income Taxes: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>It is each Trust&#146;s policy to comply with the requirements of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Internal Revenue Code applicable to regulated investment companies</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and to distribute substantially all of its taxable income to its shareholders.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Therefore, no federal income tax provision is required.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust files US federal and various state and local tax returns. No</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>income tax returns are currently under examination. The statute of limita-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions on the Trusts&#146; US federal tax returns remains open for the year or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period ended April 30, 2009 and the preceding three taxable years of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>respective Trust. The statutes of limitations on the Trusts&#146; state and local</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tax returns may remain open for an additional year depending upon</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the jurisdiction.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Recent Accounting Pronouncement: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In March 2008, Statement of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Accounting Standards No. 161, &#147;Disclosures about Derivative</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Instruments and Hedging Activities &#151; an amendment of FASB Statement</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No. 133&#148; (&#147;FAS 161&#148;), was issued. FAS 161 is intended to improve finan-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cial reporting for derivative instruments by requiring enhanced disclosure</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that enables investors to understand how and why an entity uses deriva-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tives, how derivatives are accounted for and how derivative instruments</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>affect an entity&#146;s results of operations and financial position. FAS 161 is</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>effective for financial statements issued for fiscal years and interim periods</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>beginning after November 15, 2008. The 2020 Trust and the Strategic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts adopted FAS 161, which was effective January 1, 2009, and the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>adoption had no impact on their financial statement disclosures. For the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Trusts, the impact on the financial statement disclosures, if any,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>is currently being assessed.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Deferred Compensation and BlackRock Closed-End Share Equivalent</FONT><BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Investment Plan: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Under the deferred compensation plan approved by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Trust&#146;s Board, non-interested Directors/Trustees (&#147;Independent</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustees&#148;) defer a portion of their annual complex-wide compensation.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Deferred amounts earn an approximate return as though equivalent dollar</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>amounts had been invested in common shares of other certain BlackRock</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Closed-End Funds selected by the Independent Trustees. This has approxi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mately the same economic effect for the Independent Trustees as if the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Independent Trustees had invested the deferred amounts directly in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>other certain BlackRock Closed-End Funds.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The deferred compensation plan is not funded and obligations hereunder</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>represent general unsecured claims against the general assets of each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust. Each Trust may, however, elect to invest in common shares of other</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>certain BlackRock Closed-End Funds selected by the Independent Trustees</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in order to match its deferred compensation obligations. Investments to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cover each Trust&#146;s deferred compensation liability are included in other</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets on the Statements of Assets and Liabilities. Dividends and distribu-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions from the BlackRock Closed-End Fund investments under the plan are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>included in income &#151; affiliated on the Statements of Operations.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Other: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Expenses directly related to each Trust are charged to that Trust.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Other operating expenses shared by several funds are pro-rated among</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>those funds on the basis of relative net assets or other appropriate methods.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Custodian fees may be reduced by amounts calculated on uninvested</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cash balances which are shown on the Statements of Operations as fees</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>paid indirectly.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>2. Investment Advisory Agreement and Other Transactions</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>with Affiliates:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust entered into an Investment Advisory Agreement with BlackRock</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Advisors, LLC (the &#147;Advisor&#148;), an indirect, wholly owned subsidiary of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock, Inc. (&#147;BlackRock&#148;), to provide investment advisory and adminis-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tration services. The PNC Financial Services Group, Inc. (&#147;PNC&#148;) and Bank</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of America Corporation (&#147;BAC&#148;) are the largest stockholders of BlackRock.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BAC became a stockholder of BlackRock following its acquisition of Merrill</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lynch &amp; Co., Inc. (&#147;Merrill Lynch&#148;) on January 1, 2009. Prior to that date,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>both PNC and Merrill Lynch were considered affiliates of the Trusts under</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>due to the restructuring of Merrill Lynch&#146;s ownership interest of BlackRock,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BAC is not deemed to be an affiliate under the 1940 Act.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Advisor is responsible for the management of each Trust&#146;s portfolio</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and provides the necessary personnel, facilities, equipment and certain</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>other services necessary to the operations of each Trust. For such services,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Trust pays the Advisor a monthly fee of the Trust&#146;s average weekly net</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets at the following rates:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="62%"></TD>
     <TD width="37%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Rate</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.35%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.00%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.60%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.60%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.60%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Average weekly net assets for all of the Trusts except Long-Term Municipal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>is the average weekly value of each Trust&#146;s total assets minus the sum of its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>accrued liabilities. For Long-Term Municipal, average weekly net assets is</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the average weekly value of the Trust&#146;s total assets minus the sum of its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total liabilities.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Advisor has voluntarily agreed to waive a portion of the investment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>advisory fee as a percentage of net assets as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="28%"></TD>
     <TD width="56%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Through</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Rate</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 31, 2008 &#151; January 31, 2011</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.40%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 31, 2012</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.30%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 31, 2013</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.20%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 31, 2014</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.10%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>July 31, 2008</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.15%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>July 31, 2009</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.10%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>July 31, 2010</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.05%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Trusts</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>December 31, 2008</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.05%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These amounts are included in fees waived by Advisor on the Statements</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Operations. For the two periods shown, the waivers were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="48%"></TD>
     <TD width="36%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Prior</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$228,689</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 654,515</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$384,390</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$1,316,719</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 21,848</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 76,520</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Advisor has agreed to waive its advisory fees by the amount of invest-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ment advisory fees each Trust pays to the Advisor indirectly through its</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>47</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment in affiliated money market funds. These amounts are included</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in fees waived by advisor on the Statements of Operations. For the two</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>periods shown, the amounts were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="32%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Prior</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10,003</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 29,489</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,451</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,235</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,309</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,744</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16,344</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 51,023</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,356</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18,973</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,190</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,589</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Advisor has entered into a separate sub-advisory agreement with</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Financial Management, Inc. (&#147;BFM&#148;), an affiliate of the Advisor,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with respect to the Trusts, under which the Advisor pays BFM for services it</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>provides, a monthly fee that is a percentage of the investment advisory fee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>paid by each Trust to the Advisor.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal has an Administration Agreement with the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Advisor. The administration fee paid to the Advisor is computed at an</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>annual rate of 0.15% of the Trust&#146;s average weekly net assets including</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>proceeds from the issuance of Preferred Shares and TOBs.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust reimbursed the Advisor for certain accounting services, which are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>included in accounting services on the Statements of Operations. For the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>two periods shown, the amounts were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="48%"></TD>
     <TD width="36%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Prior</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,410</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,494</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,959</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,445</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,133</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12,913</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 279</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 742</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 912</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,509</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Certain officers and/or directors/trustees of the Trusts are officers and/or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>directors of BlackRock or its affiliates. The Trusts reimburse the Advisor for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>compensation paid to the Trusts&#146; Chief Compliance Officer.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>3. Investments:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Purchases and sales of investments, excluding short-term securities, for the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>current period were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="43%"></TD>
     <TD width="33%"></TD>
     <TD width="22%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Purchases</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sales</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 88,470,557</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 81,071,719</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 29,738,161</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 38,626,456</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 19,685,064</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,050,484</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 86,152,568</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 83,867,674</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,824,567</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,842,095</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13,554,589</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,313,157</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>4. Concentration, Market and Credit Risk:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust invests a substantial amount of its assets in issuers located in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a single state or limited number of states. Please see the Schedules of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investments for concentrations in specific states.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Many municipalities insure repayment of their bonds, which reduces the risk</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of loss due to issuer default. The market value of these bonds may fluctuate</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for other reasons, including market perception of the value of such insur-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ance, and there is no guarantee that the insurer will meet its obligation.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In the normal course of business, the Trusts invest in securities and enter</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>into transactions where risks exist due to fluctuations in the market (market</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>risk) or failure of the issuer of a security to meet all its obligations (credit</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>risk). The value of securities held by the Trusts may decline in response to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>certain events, including those directly involving the issuers whose securities</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are owned by the Trusts; conditions affecting the general economy; overall</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>market changes; local, regional or global political, social or economic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>instability; and currency and interest rate and price fluctuations. Similar</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to credit risk, the Trusts may be exposed to counterparty risk, or the risk</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that an entity with which the Trusts have unsettled or open transactions</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may default. Financial assets, which potentially expose the Trusts to credit</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and counterparty risks, consist principally of investments and cash due</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from counterparties. The extent of the Trusts&#146; exposure to credit and counter-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>party risks with respect to these financial assets is approximated by their</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>value recorded in the Trusts&#146; Statements of Assets and Liabilities.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>5. Capital Share Transactions:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal, Municipal 2020, Municipal Income and the Strategic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts are authorized to issue an unlimited number of shares, including</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares, par value $0.001 per share, all of which were initially</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>classified as Common Shares. Investment Quality Municipal is authorized</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to issue 200 million, including Preferred Shares, all of which were initially</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>classified as Common Shares par value $0.01 per share. Each Trust&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board is authorized, however, to reclassify any unissued shares without</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>approval of Common Shareholders.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Common Shares</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the periods shown, shares issued and outstanding increased by the fol-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lowing amounts as a result of dividend reinvestment:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="43%"></TD>
     <TD width="24%"></TD>
     <TD width="18%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Prior</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Two Years</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Prior</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>138,790</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>83,554</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>36,210</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>31,369</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>152,320</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>197,269</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,436</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,166</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,017</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shares issued and outstanding remained constant for Long-Term Municipal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for the current period and prior year. Shares issued and outstanding</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>remained constant for Municipal 2020 for the current period, prior year</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and two years prior.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Preferred Shares</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Preferred Shares are redeemable at the option of each Trust, in whole</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or in part, on any dividend payment date at their liquidation preference plus</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>any accumulated unpaid dividends whether or not declared. The Preferred</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shares are also subject to mandatory redemption at their liquidation pref-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>erence plus any accumulated or unpaid dividends, whether or not declared,</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>48 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>if certain requirements relating to the composition of the assets and liabili-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ties of a Trust, as set forth in each Trust&#146;s Statement of Preferences/Articles</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Supplementary (&#147;Governing Instrument&#148;), as applicable, are not satisfied.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>From time to time in the future, the Trusts that have issued Preferred</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shares may effect repurchases of such shares at prices below their liquida-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion preferences as agreed upon by the Trusts and seller. The Trusts also</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may redeem such shares from time to time as provided in the applicable</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Governing Instrument. The Trusts intend to effect such redemptions and/or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>repurchases to the extent necessary to maintain applicable asset coverage</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>requirements or for such other reasons as the Board may determine.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The holders of Preferred Shares have voting rights equal to the holders of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shares (one vote per share) and will vote together with holders of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shares (one vote per share) as a single class. However, holders of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares, voting as a separate class, are also entitled to elect two</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustees for each Trust. In addition, the 1940 Act requires that along with</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>approval by shareholders that might otherwise be required, the approval of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the holders of a majority of any outstanding Preferred Shares voting sepa-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rately as a class, would be required to (a) adopt any plan of reorganization</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that would adversely affect the Preferred Shares, (b) change a Trust&#146;s sub-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>classification as a closed-end investment company or change its funda-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mental investment restrictions or (c) change its business so as to cease to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be an investment company.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts had the following series of Preferred Shares outstanding, effec-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tive yields and reset frequency at April 30, 2009:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="33%"></TD>
     <TD width="13%" align=right></TD>
     <TD width="18%" align=right></TD>
     <TD width="18%" align=right></TD>
     <TD width="15%" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Reset</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Effective</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Frequency</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Yield</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Days</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,826</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,252</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.746%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,318</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,318</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,318</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,345</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,345</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,345</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>R7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,345</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,345</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>673</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,910</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends on seven-day and 28-day Preferred Shares are cumulative at a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate which is reset every seven or 28 days based on the results of an auc-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion. If the Preferred Shares fail to clear the auction on an auction date,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Trust is required to pay the maximum applicable rate on the Preferred</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shares to holders of such shares for successive dividend periods until such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>time as the shares are successfully auctioned. The maximum applicable</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate on all series of Preferred Shares is the higher of 110% of the AA com-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mercial paper rate or 110% of 90% of the Kenny S&amp;P 30-day High Grade</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Index rate divided by 1.00 minus the marginal tax rate. The low, high and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>average dividend rates on the Preferred Shares for each Trust for the period</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ended April 30, 2009 were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="33%"></TD>
     <TD width="14%"></TD>
     <TD width="19%"></TD>
     <TD width="18%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Low</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>High</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Average</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.088%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.171%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.088%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.340%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.721%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.798%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.640%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.279%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.782%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.721%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.792%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.474%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.109%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.087%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.118%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.640%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.988%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.114%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>R7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.999%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.087%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.594%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3.305%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.104%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.640%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.279%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.761%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.640%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.279%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.761%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since February 13, 2008, the Preferred Shares of the Trusts failed to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>clear any of their auctions. As a result, the Preferred Shares dividend rates</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>were reset to the maximum applicable rate, which ranged from 0.594%</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to 2.285% for the period ended April 30, 2009. A failed auction is not an</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>event of default for the Trusts but it has a negative impact on the liquidity</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Preferred Shares. A failed auction occurs when there are more sellers of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a trust&#146;s auction rate preferred shares than buyers. It is impossible to pre-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dict how long this imbalance will last. A successful auction for the Trusts&#146;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares may not occur for some time, if ever, and even if liquidity</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>does resume, holders of the Preferred Shares may not have the ability to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sell the Preferred Shares at their liquidation preference.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts may not declare dividends or make other distributions on</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shares or purchase any such shares if, at the time of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>declaration, distribution or purchase, asset coverage with respect to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>outstanding Preferred Shares is less than 200%.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Prior to December 22, 2008, the Trusts paid commissions to certain</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>broker-dealers at the end of each auction at an annual rate of 0.25%,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>calculated on the aggregate principal amount. As of December 22, 2008,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>commissions paid to broker-dealers on Preferred Shares that experienced</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a failed auction were reduced to 0.15% on the aggregate principal amount.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts will pay commissions of 0.25% on the aggregate principal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>amount of all shares that successfully clear their auctions. For the two</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>periods shown, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, a wholly</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>owned subsidiary of Merrill Lynch, earned commissions as follows for the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>current period through December 31, 2008 (after which Merrill Lynch was</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>no longer considered an affiliate).</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="33%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Prior</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Year</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14,884</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 142,704</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 50,395</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 20,013</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 145,453</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,099</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,259</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>49</FONT></P>
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<A name="page_51"></A>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>On June 2, 2008 and June 4, 2008, the Trusts announced the following</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>redemptions of Preferred Shares at a price of $25,000 per share plus any</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>accrued and unpaid dividends through the redemption date:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="34%"></TD>
     <TD width="12%"></TD>
     <TD width="17%"></TD>
     <TD width="16%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Redemption</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Aggregate</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Date</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Redeemed</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Principal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/25/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>436</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10,900,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/09/2008</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>348</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,700,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/24/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>50</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,250,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/26/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>50</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,250,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/30/2008</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>50</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,250,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/24/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>656</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$16,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/25/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>656</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$16,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/26/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>656</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$16,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>R7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/27/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>656</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$16,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/30/2008</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>656</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$16,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/26/2008</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 675,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/26/2008</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>570</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$14,250,000</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts financed the Preferred Shares redemptions with cash received</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from TOBs.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares issued and outstanding for the current period and two</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>years prior remained constant for each Trust.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>6. Income Tax Information:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Reclassifications: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reflect permanent differences between financial and tax reporting. The following permanent differences as of April 30, 2009 attributable to the difference</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>between amortization methods on fixed income securities and non-deductible expenses were reclassified to the following accounts:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="30%"></TD>
     <TD width="20%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="9%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Quality</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Long-Term</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2020</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Paid-in capital</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (475)</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Undistributed net investment income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (4,322)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15,490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (9,127)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (4,383)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Accumulated net realized loss</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,797</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (15,490)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,127</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (6)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,383</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The tax character of distributions paid during the periods shown were as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Quality</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Long-Term</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2020</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax-exempt income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Period</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,032,294</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,403,900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,487,308</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$19,730,393</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 407,158</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,943,857</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Prior Period</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$19,993,104</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,807,259</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$21,045,740</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$51,795,142</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$1,818,032</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,766,914</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Two Years Prior</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$22,514,181</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,535,364</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$22,409,590</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$56,847,893</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$2,287,203</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,648,627</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ordinary income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Period</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 485,549</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Prior Period</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 306,274</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 541</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 60,704</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,544,313</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 20,253</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Two Years Prior</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 379,967</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 75,424</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 66,740</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Current Period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,517,843</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,403,900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,487,308</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$19,730,393</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 407,158</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,943,857</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Prior Period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$20,299,378</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,807,800</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$21,106,444</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$53,339,455</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,818,032</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,787,167</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Two Years Prior</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$22,514,181</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,535,364</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$22,789,557</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$56,923,317</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,287,203</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,715,367</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>50 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_52"></A>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (concluded)</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>As of April 30, 2009, the tax components of accumulated losses were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="21%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></TD>
     <TD width="11%"></TD>
     <TD width="9%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Quality&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2020</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Undistributed tax-exempt income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,745,445</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,728,339</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,680,378</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,074,234</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 152,564</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 673,416</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Capital loss carryforwards</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,802,068)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(29,636,892)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,201,418)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(45,071,468)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,191,132)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,719,338)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized losses*</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(31,440,593)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(35,802,513)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(46,092,380)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(114,382,030)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,425,415)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,475,833)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total accumulated net losses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(38,497,216)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(63,711,066)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(43,613,420)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(153,379,264)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(4,463,983)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(23,521,755)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The difference between book-basis and tax-basis net unrealized losses is attributable primarily to the difference between book and tax amortization methods for premiums and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>discounts on fixed income securities, the deferral of compensation to trustees or directors, book/tax differences in the accrual of income on securities in default, the deferral</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of post-October capital losses for tax purposes, the timing and recognition of partnership income, the difference between the book and tax treatment of residual interests in</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tender option bond trusts and the tax deferral of losses on wash sales.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>As of April 30, 2009, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Quality&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2020</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Strategic</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expires April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,445,922</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,775,833</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 427,602</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 264,701</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 133,646</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,011,077</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 728,359</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 701,315</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,991,959</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>524,725</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>606,017</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,566,913</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,052,642</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>411,992</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,207,532</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>127,957</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>251,883</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2017</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,506,796</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,882,935</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,044,205</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>929,529</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,028,776</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,802,068</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 29,636,892</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,201,418</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 45,071,468</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,191,132</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,719,338</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>7. Subsequent Events:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts paid a net investment income dividend to Common Shareholders</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in the following amounts per share on June 1, 2009 to shareholders of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>record on May 15, 2009:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="60%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Common</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividend</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.06300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.05500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.06225</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.06860</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.04500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.06250</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The dividends declared on Preferred Shares for the period May 1, 2009 to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>May 31, 2009 were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="31%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Declared</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,609</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$18,021</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,606</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,259</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,517</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$33,116</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$32,239</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$32,158</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>R7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$31,454</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$32,782</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,227</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$26,188</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts&#146; distribution rates declared on June 1, 2009 were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="60%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Per Share</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Amount</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0755</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0786</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0700</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>On June 15, 2009, the Trusts&#146; Boards approved the following redemptions</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Preferred Shares at a price of $25,000 per share plus any accrued and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>unpaid dividends through the redemption date:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="34%"></TD>
     <TD width="12%"></TD>
     <TD width="17%"></TD>
     <TD width="17%"></TD>
     <TD width="17%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Redemption Shares to be</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Aggregate</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Date</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Redeemed</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Principal</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Investment Quality Municipal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/08/09</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 500,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/08/09</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 450,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/14/09</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$4,450,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/08/09</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$4,450,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/09/09</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$4,450,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>R7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/10/09</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$4,450,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>F7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/13/09</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>178</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$4,450,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/09/09</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 500,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic Municipal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/09/09</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>191</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$4,775,000</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts will finance the Preferred Shares redemptions with cash received</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from tender option bond transactions (See Note 1 of the Notes to Financial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements for details of municipal bonds transferred to tender option</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts).</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>51</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Report of Independent Registered Public Accounting Firm</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>To the Shareholders and Board of Directors/Trustees of:</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc.</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust (collectively</FONT><BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>the &#147;Trusts&#148;):</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>We have audited the accompanying statements of assets and liabilities,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>including the schedules of investments, of BlackRock Investment Quality</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Trust Inc., BlackRock Long-Term Municipal Advantage Trust, and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust as of April 30, 2009, and the related</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>statements of operations for the period November 1, 2008 to April 30,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009 and for the year ended October 31, 2008, the statement of cash</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>flows for the period November 1, 2008 to April 30, 2009 and for the year</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ended October 31, 2008 for BlackRock Long-Term Municipal Advantage</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust, the statements of changes in net assets for the period November 1,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008 to April 30, 2009 and for each of the two years in the period ended</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>October 31, 2008, and the financial highlights for the period November 1,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008 to April 30, 2009 and for each of the five years in the period ended</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>October 31, 2008. We have also audited the accompanying statements of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets and liabilities, including the schedules of investments, of BlackRock</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal 2020 Term Trust, BlackRock Pennsylvania Strategic Municipal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust, and BlackRock Strategic Municipal Trust, as of April 30, 2009, and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the related statements of operations for the period January 1, 2009 to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>April 30, 2009, and for the year ended December 31, 2008, the state-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments of changes in net assets for the period January 1, 2009 to April 30,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009 and for each of the two years in the period ended December 31,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008, and the financial highlights for the period January 1, 2009 to April</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30, 2009 and for each of the five years in the period ended December 31,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008. These financial statements and financial highlights are the responsi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bility of the Trusts&#146; management. Our responsibility is to express an opinion</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on these financial statements and financial highlights based on our audits.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>We conducted our audits in accordance with the standards of the Public</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company Accounting Oversight Board (United States). Those standards</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>require that we plan and perform the audit to obtain reasonable assurance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>about whether the financial statements and financial highlights are free of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>material misstatement. The Trusts are not required to have, nor were we</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>engaged to perform, an audit of their internal control over financial report-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing. Our audits included consideration of internal control over financial</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reporting as a basis for designing audit procedures that are appropriate</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in the circumstances, but not for the purpose of expressing an opinion</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the effectiveness of the Trusts&#146; internal control over financial reporting.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Accordingly, we express no such opinion. An audit also includes examining,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on a test basis, evidence supporting the amounts and disclosures in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>financial statements, assessing the accounting principles used and signifi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cant estimates made by management, as well as evaluating the overall</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>financial statement presentation. Our procedures include confirmation</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of the securities owned as of April 30, 2009, by correspondence with the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>custodian and brokers; where replies were not received from brokers, we</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>performed other auditing procedures. We believe that our audits provide</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a reasonable basis for our opinion.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In our opinion, the financial statements and financial highlights referred</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to above present fairly, in all material respects, the financial position of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Advantage Trust, and BlackRock Municipal Income Trust as of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>April 30, 2009, the results of their operations for the period November 1,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008 to April 30, 2009 and for the year ended October 31, 2008, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>statement of cash flows for the period November 1, 2008 to April 30,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009 and for the year ended October 31, 2008 for BlackRock Long-Term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Advantage Trust, the changes in their net assets for the period</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>November 1, 2008 to April 30, 2009 and for each of the two years in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period ended October 31, 2008, and the financial highlights for the period</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>November 1, 2008 to April 30, 2009 and for the five years in the period</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ended April 30, 2009, in conformity with accounting principles generally</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>accepted in the United States of America. Additionally, in our opinion, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>financial statements and financial highlights referred to above present</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fairly, in all material respects, the financial position of BlackRock Municipal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2020 Term Trust, BlackRock Pennsylvania Strategic Municipal Trust, and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Strategic Municipal Trust as of April 30, 2009, the results of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>their operations for the period January 1, 2009 to April 30, 2009 and for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the year ended December 31, 2008, the changes in their net assets for the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period January 1, 2009 to April 30, 2009 and for each of the two years in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the period ended December 31, 2008, and the financial highlights for the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period January 1, 2009 to April 30, 2009 and for each of five years in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>period ended December 31, 2008, in conformity with accounting principles</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>generally accepted in the United States of America.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Deloitte &amp; Touche </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>LLP</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Princeton, New Jersey</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>June 26, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>52 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Important Tax Information</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the taxable per share distributions paid by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. during the taxable period</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ended April 30, 2009:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="32%"></TD>
     <TD width="23%"></TD>
     <TD width="23%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Payable</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ordinary</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Long-Term</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Quality Municipal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Date</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Gains</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shareholders</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12/31/08</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.020201</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shareholders:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series T7</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12/24/08</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$27.15</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series T28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12/24/08</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$27.44</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>All of the other net investment income distributions paid by the Trust qualify</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as tax-exempt interest dividends for federal income tax purposes.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For Long-Term Municipal, Municipal 2020, Municipal Income, Pennsylvania</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Strategic and Strategic Municipal, all of the net investment income distribu-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions paid by the Trusts during the taxable period ended April 30, 2009</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>qualify as tax-exempt interest dividends for federal income tax purposes.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>53</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Automatic Dividend Reinvestment Plans</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pursuant to each Trust&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), common</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>shareholders are automatically enrolled to have all distributions of dividends</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and capital gains reinvested by Computershare Trust Company, N.A. (the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#147;Plan Agent&#148;) in the respective Trust&#146;s shares pursuant to the Plan. Share-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>holders who do not participate in the Plan will receive all distributions in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cash paid by check and mailed directly to the shareholders of record (or if</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the shares are held in street or other nominee name, then to the nominee)</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>by the Plan Agent, which serves as agent for the shareholders in adminis-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tering the Plan.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>After a Trust declares a dividend or determines to make a capital gain</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>distribution, the Plan Agent will acquire shares for the participants&#146; accounts,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>depending upon the circumstances described below, either (i) through</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>receipt of unissued but authorized shares from the Trust (&#147;newly issued</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>shares&#148;) or (ii) by purchase of outstanding shares on the open market,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the Trust&#146;s primary exchange or elsewhere (&#147;open-market purchases&#148;).</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>If, on the dividend payment date, the net asset value per share (&#147;NAV&#148;)</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>is equal to or less than the market price per share plus estimated broker-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>age commissions (such condition being referred to herein as &#147;market</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>premium&#148;), the Plan Agent will invest the dividend amount in newly issued</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>shares on behalf of the participants. The number of newly issued shares</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to be credited to each participant&#146;s account will be determined by dividing</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the dollar amount of the dividend by the NAV on the date the shares are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>issued. However, if the NAV is less than 95% of the market price on the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>payment date, the dollar amount of the dividend will be divided by 95%</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of the market price on the payment date. If, on the dividend payment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>date, the NAV is greater than the market value per share plus estimated</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>brokerage commissions (such condition being referred to herein as &#147;market</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>discount&#148;), the Plan Agent will invest the dividend amount in shares acquired</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on behalf of the participants in open-market purchases.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Participation in the Plan is completely voluntary and may be terminated or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>resumed at any time without penalty by notice if received and processed by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Plan Administrator prior to the dividend record date; otherwise such ter-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mination or resumption will be effective with respect to any subsequently</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>declared dividend or other distribution.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Plan Agent&#146;s fees for the handling of the reinvestment of dividends and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>distributions will be paid by each Trust. However, each participant will pay a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>pro rata share of brokerage commissions incurred with respect to the Plan</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Agent&#146;s open market purchases in connection with the reinvestment of divi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dends and distributions. The automatic reinvestment of dividends and dis-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tributions will not relieve participants of any federal income tax that may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be payable on such dividends or distributions.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust reserves the right to amend or terminate the Plan. There is no</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>direct service charge to participants in the Plan; however, each Trust reserves</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the right to amend the Plan to include a service charge payable by the par-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ticipants. Participants that request a sale of shares through the Plan Agent</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are subject to a $2.50 sales fee and a $0.15 per share sold brokerage</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>commission. All correspondence concerning the Plan should be directed</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to the Plan Agent at P.O. Box 43078, Providence, RI 02940-3078 or by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>calling (800) 699-1BFM. All overnight correspondence should be directed</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to the Plan Agent at 250 Royall Street, Canton, MA 02021.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>54 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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     <TD colSpan=4 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Officers and Directors/Trustees</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Number of</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Length of</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock-</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Position(s)</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Time</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Advised Funds</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Name, Address</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Held with</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Served as</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>and Portfolios</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Public</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>and Year of Birth</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trusts</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>a Trustee</FONT></B><B><SUP><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Principal Occupation(s) During Past Five Years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Overseen</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Directorships</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Non-Interested Trustees</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>1</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Richard E. Cavanagh</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chairman</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life Insurance</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Arch Chemical</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of the Board</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1994</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company of America since 1998; Trustee, Educational Testing Service since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(chemical and allied</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and Trustee</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1997; Senior Advisor since 2008 and Director since 1996, The Fremont Group;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>products)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1946</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Adjunct Lecturer, Harvard University since 2007; Formerly President and Chief</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Executive Officer of The Conference Board, Inc. (global business research</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>organization) from 1995 to 2007.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Karen P. Robards</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Vice Chair of</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Partner of Robards &amp; Company, LLC (financial advisory firm) since 1987;</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AtriCure, Inc.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Board,</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Co-founder and Director of the Cooke Center for Learning and Development,</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(medical devices);</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chair of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(a not-for-profit organization) since 1987; Formerly Director of Enable Medical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Care Investment</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1950</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Audit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corp. from 1996 to 2005; Formerly an investment banker at Morgan Stanley</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust, Inc. (health</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Committee</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from 1976 to 1987.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>care real estate</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and Trustee</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment trust)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>G. Nicholas Beckwith, III</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chairman and Chief Executive Officer, Arch Street Management, LLC (Beckwith</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Family Foundation) and various Beckwith property companies since 2005;</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chairman of the Board of Directors, University of Pittsburgh Medical Center</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1945</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>since 2002; Board of Directors, Shady Side Hospital Foundation since 1977;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board of Directors, Beckwith Institute for Innovation In Patient Care since 1991;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Member, Advisory Council on Biology and Medicine, Brown University since</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2002; Trustee, Claude Worthington Benedum Foundation (charitable foundation)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>since 1989; Board of Trustees, Chatham University since 1981; Board of Trustees,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Pittsburgh since 2002; Emeritus Trustee, Shady Side Academy since</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1977; Formerly Chairman and Manager, Penn West Industrial Trucks LLC (sales,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rental and servicing of material handling equipment) from 2005 to 2007;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Formerly President and Chief Executive Officer, Beckwith Machinery Company</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(sales, rental and servicing of construction and equipment) from 1985 to 2005;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Formerly Member of Board of Directors, National Retail Properties (REIT) from</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2006 to 2007.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kent Dixon</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee and</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Consultant/Investor since 1988.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Member of</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1993</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Audit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1937</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Committee</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Frank J. Fabozzi</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee and</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Member of</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1993</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Practice of Finance and Becton Fellow, Yale University, School of Management,</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Audit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>since 2006; Formerly Adjunct Professor of Finance and Becton Fellow, Yale</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1948</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Committee</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University from 1994 to 2006.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kathleen F. Feldstein</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>President of Economics Studies, Inc. (private economic consulting firm) since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The McClatchy</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2005</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Emeritus thereof since 2008; Member of the Board of Partners Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(publishing)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1941</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Healthcare, Inc. since 2005; Member of the Corporation of Partners HealthCare</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Visiting Committee to the Harvard University Art Museum since 2003.</FONT></TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>James T. Flynn</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee and</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Formerly Chief Financial Officer of JP Morgan &amp; Co., Inc. from 1990 to 1995.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Member of</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Audit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1939</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Committee</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Jerrold B. Harris</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment)</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Kelso</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>since 2000.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Capital Corp.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1942</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>55</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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     <TD colSpan=4 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Officers and Directors/Trustees (continued)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Number of</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Length of</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock-</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Position(s)</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Time</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Advised Funds</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Name, Address</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Held with</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Served as</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>and Portfolios</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Public</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>and Year of Birth</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trusts</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>a Trustee</FONT></B><B><SUP><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Principal Occupation(s) During Past Five Years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Overseen</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Directorships</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Non-Interested Trustees</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP></B><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(concluded)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>R. Glenn Hubbard</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dean of Columbia Business School since 2004; Columbia faculty member since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ADP (data and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2004</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1988; Formerly Co-Director of Columbia Business School&#146;s Entrepreneurship</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>information services),</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Program from 1997 to 2004; Visiting Professor at the John F. Kennedy School</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>KKR Financial</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1958</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Government at Harvard University and the Harvard Business School since</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation (finance),</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1985 and at the University of Chicago since 1994; Formerly Chairman of the</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Life</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>U.S. Council of Economic Advisers under the President of the United States from</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Insurance Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2001 to 2003.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(insurance)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>W. Carl Kester</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee and</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>George Fisher Baker Jr. Professor of Business Administration, Harvard Business</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>106 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Member of</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School; Deputy Dean for Academic Affairs, since 2006; Unit Head, Finance,</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>103 Portfolios</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Audit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harvard Business School, from 2005 to 2006; Senior Associate Dean and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1951</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Committee</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chairman of the MBA Program of Harvard Business School, from 1999 to 2005;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Member of the faculty of Harvard Business School since 1981; Independent</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Consultant since 1978.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Following the combination of Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) and BlackRock, Inc. (&#147;BlackRock&#148;) in September 2006, the various legacy</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>certain trustees as joining the Trusts&#146; board in 2007, each director first became a member of the board of directors of other legacy MLIM or legacy</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Funds as follows: G. Nicholas Beckwith, III, 1999; Richard E. Cavanagh, 1994; Kent Dixon, 1988; Frank J. Fabozzi, 1988; Kathleen F. Feldstein,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1998 and Karen P. Robards, 1998.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Interested Trustees</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>3</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Richard S. Davis</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Managing Director, BlackRock, Inc. since 2005; Formerly Chief Executive Officer,</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>175 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State Street Research &amp; Management Company from 2000 to 2005; Formerly</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>285 Portfolios</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chairman of the Board of Trustees, State Street Research Mutual Funds from</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1945</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2000 to 2005; Formerly Chairman, SSR Realty from 2000 to 2004.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Henry Gabbay</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trustee</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Formerly Consultant, BlackRock, Inc. from 2007 to 2008; Formerly Managing</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>184 Funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>None</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative Officer,</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>295 Portfolios</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Advisors, LLC from 1998 to 2007; Formerly President of BlackRock</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1947</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Formerly</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Treasurer of certain closed-end funds in the BlackRock fund complex from 1989</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to 2006.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mr. Davis is an &#147;interested person,&#148; as defined in the Investment Company Act of 1940, of the Trusts based on his position with BlackRock, Inc. and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>its affiliates. Mr. Gabbay is an &#147;interested person&#148; of the Trusts based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of BlackRock, Inc. and PNC Securities. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Funds. The Board wishes Mr. Salomon well in his retirement.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>56 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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     <TD colSpan=5 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Officers and Directors/Trustees (concluded)</FONT>&nbsp;</TD>
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     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Position(s)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Length</FONT></B>&nbsp;</TD>
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     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Name, Address</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Held with</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>of Time</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>and Year of Birth</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>the Trusts</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Served</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Principal Occupation(s) During Past Five Years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Officers</FONT></B><B><SUP><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>1</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Donald C. Burke</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>President</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment Managers, L.P.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and Chief</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(&#147;MLIM&#148;) and Fund Asset Management, L.P. (&#147;FAM&#148;) in 2006, First Vice President thereof from 1997 to 2005, Treasurer</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Executive</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1960</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Anne F. Ackerley</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Vice</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock&#146;s U.S. Retail Group since 2006;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>President</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Formerly Head of BlackRock&#146;s Mutual Fund Group from 2000 to 2006.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1962</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Neal J. Andrews</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chief</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of Fund</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from 1992 to 2006.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1966</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Jay M. Fife</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Treasurer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM advised</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1970</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Brian P. Kindelan</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chief</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chief Compliance Officer of the BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Compliance</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Inc. since 2005; Formerly Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1959</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Howard B. Surloff</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Secretary</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Since</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly General</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>40 East 52nd Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1965</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officers of the Trusts serve at the pleasure of the Board of Trustees.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Custodian</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Transfer Agent</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Accounting Agent</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Independent Registered</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Legal Counsel</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State Street Bank and Trust</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Common Shares:</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State Street Bank and Trust</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Public Accounting Firm</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Skadden, Arps, Slate,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Computershare Trust</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Company</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Deloitte &amp; Touche </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>LLP</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Meagher &amp; Flom </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>LLP</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Boston, MA 02101</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Companies, N.A.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Princeton, NJ 08540</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Princeton, NJ 08540</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10036</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Canton, MA 02021</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trusts Address</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Auction Agent</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Closed-End Funds</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares:</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>c/o BlackRock Advisors, LLC</FONT>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BNY Mellon Shareowner Services</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100 Bellevue Parkway</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wilmington, DE 19809</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Deutsche Bank Trust Company Americas</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10005</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For Municipal Income and Municipal 2020.</FONT><BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the Strategic Trusts and Investment Quality Municipal.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>57</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Additional Information</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust Certification</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Those Trusts listed for trading on the New York Stock Exchange (&#147;NYSE&#148;)</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>have filed with the NYSE their annual chief executive officer certification</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>regarding compliance with the NYSE&#146;s listing standards. Each Trust filed</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Section 19 Notices</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The amounts and sources of distributions reported are only estimates and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are not being provided for tax reporting purposes. The actual amounts and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sources for tax reporting purposes will depend upon each Trust&#146;s investment</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with the SEC the certification of its chief executive officer and chief finan-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cial officer required by section 302 of the Sarbanes-Oxley Act.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>experience during the year and may be subject to changes based on the tax</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>regulations. The Trusts will send you a Form 1099-DIV each calendar year that</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>will tell you how to report these distributions for federal income tax purposes.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="28%"></TD>
     <TD width="7%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="8%"></TD>
     <TD width="9%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Fiscal Year-to-Date Cumulative</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Percentage of Fiscal Year-to-Date</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Distributions by Character</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Cumulative Distributions by Character</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Per</FONT></B>&nbsp;</TD>
     <TD align=center>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</FONT></B>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Per</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Realized</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Return of</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Common</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Realized</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Return of</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Common</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Gains</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Share</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital Gains</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Capital</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Share</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. .</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.3982</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ &#151;</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ &#151;</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.3982</FONT>&nbsp;</TD>
     <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Long-Term Municipal Advantage Trust</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.3300</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ &#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ &#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.3300</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>General Information</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts do not make available copies of their Statements of Additional</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Information because the Trusts&#146; shares are not continuously offered, which</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>means that the Statements of Additional Information of the Trusts have not</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>been updated after completion of the Trusts&#146; offering and the information</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>contained in the Trusts&#146; Statements of Additional Information may have</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>become outdated.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>During the period, there were no material changes in the Trusts&#146; investment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>objectives or policies or to the Trusts&#146; charters or by-laws that were not</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>approved by the shareholders or in the principal risk factors associated with</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment in the Trusts. There have been no changes in the persons who are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>primarily responsible for the day-to-day management of the Trusts&#146; portfolios.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Quarterly performance, semi-annual and annual reports and other informa-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion regarding the Trusts may be found on BlackRock&#146;s website, which can</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be accessed at http://www.blackrock.com. This reference to BlackRock&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>website is intended to allow investors public access to information regard-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing the Trusts and does not, and is not intended to, incorporate BlackRock&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>website into this report.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Electronic Delivery</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Electronic copies of most financial reports are available on the Trusts&#146;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>websites or shareholders can sign up for e-mail notifications of quarterly</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>statements, annual and semi-annual reports and prospectuses by enrolling</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in the Trusts&#146; electronic delivery program.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Shareholders Who Hold Accounts with Investment Advisors, Banks</FONT><BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>or Brokerages:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Please contact your financial advisor to enroll. Please note that not all</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment advisors, banks or brokerages may offer this service.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Householding</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts will mail only one copy of shareholder documents, including</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>annual and semi-annual reports and proxy statements, to shareholders</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with multiple accounts at the same address. This practice is commonly</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>called &#147;householding&#148; and it is intended to reduce expenses and eliminate</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>duplicate mailings of shareholder documents. Mailings of your shareholder</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>documents may be householded indefinitely unless you instruct us other-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>wise. If you do not want the mailing of these documents to be combined</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with those for other members of your household, please contact the Trusts</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>at (800) 441-7762.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Availability of Quarterly Schedule of Investments</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust files its complete schedule of portfolio holdings with the SEC for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the first and third quarters of each fiscal year on Form N-Q. Each Trust&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Forms N-Q are available on the SEC&#146;s website at http://www.sec.gov and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may also be reviewed and copied at the SEC&#146;s Public Reference Room in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington, DC.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Information on the operation of the Public Reference Room may be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>obtained by calling (800) SEC-0330. Each Trust&#146;s Forms N-Q may also be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>obtained upon request and without charge by calling (800) 441-7762.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Availability of Proxy Voting Policies and Procedures</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A description of the policies and procedures that the Trusts use to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>determine how to vote proxies relating to portfolio securities is available</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1) without charge, upon request, by calling toll-free (800) 441-7762;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2) at www.blackrock.com; and (3) on the Securities and Exchange</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Commission&#146;s website at http://www.sec.gov.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Availability of Proxy Voting Record</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Information about how each Trust voted proxies relating to securities held</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in each Trust&#146;s portfolio during the most recent 12-month period ended</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>June 30 is available upon request and without charge (1) at www.black-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rock.com or by calling (800) 441-7762 and (2) on the Securities and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Exchange Commission&#146;s website at http://www.sec.gov.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>58 ANNUAL REPORT</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2009</FONT></P>
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<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Additional Information (concluded)</FONT><BR>
<BR>
<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock Privacy Principles</FONT></B></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock is committed to maintaining the privacy of its current and former</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fund investors and individual clients (collectively, &#147;Clients&#148;) and to safeguard-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ing their non-public personal information. The following information is pro-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">vided to help you understand what personal information BlackRock collects,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">how we protect that information and why in certain cases we share such</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">information with select parties.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">If you are located in a jurisdiction where specific laws, rules or regulations</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">require BlackRock to provide you with additional or different privacy-related</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rights beyond what is set forth below, then BlackRock will comply with those</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">specific laws, rules or regulations.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock obtains or verifies personal non-public information from and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">about you from different sources, including the following: (i) information</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">we receive from you or, if applicable, your financial intermediary, on applica-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tions, forms or other documents; (ii) information about your transactions</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">with us, our affiliates, or others; (iii) information we receive from a consumer</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">reporting agency; and (iv) from visits to our websites.</FONT></P>
<P align="left">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock does not sell or disclose to non-affiliated third parties any non-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">public personal information about its Clients, except as permitted by law</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">or as is necessary to respond to regulatory requests or to service Client</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">accounts. These non-affiliated third parties are required to protect the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">confidentiality and security of this information and to use it only for its</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">intended purpose.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">We may share information with our affiliates to service your account or to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">provide you with information about other BlackRock products or services</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">that may be of interest to you. In addition, BlackRock restricts access to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">non-public personal information about its Clients to those BlackRock</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">employees with a legitimate business need for the information. BlackRock</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">maintains physical, electronic and procedural safeguards that are designed</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to protect the non-public personal information of its Clients, including proce-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">dures relating to the proper storage and disposal of such information.</FONT></P>
<P align="left">
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></P>
<P align="left">
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">APRIL 30, 2009</FONT></P>
<P align="left">
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">59</FONT></P>

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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">herein are as dated and are subject to change.</FONT></P>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">#CEF-BK6-4/09</FONT></P>

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<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Code of Ethics &#150; The registrant (or the &#147;Fund&#148;) has adopted a code of ethics, as of the end</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the period covered by this report, applicable to the registrant&#146;s principal executive officer,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">principal financial officer and principal accounting officer, or persons performing similar</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. During the period covered by this report, there have been no amendments to or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">waivers granted under the code of ethics. A copy of the code of ethics is available without</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">charge at www.blackrock.com.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Audit Committee Financial Expert &#150; The registrant&#146;s board of directors or trustees, as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">applicable (the &#147;board of directors&#148;) has determined that (i) the registrant has the following</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee financial experts serving on its audit committee and (ii) each audit</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">committee financial expert is independent:</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kent Dixon</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Frank J. Fabozzi</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">James T. Flynn</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">W. Carl Kester</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Karen P. Robards</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Robert S. Salomon, Jr. (retired effective December 31, 2008)</FONT></P>
<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant&#146;s board of directors has determined that W. Carl Kester and Karen P. Robards</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prof. Kester has a thorough understanding of generally accepted accounting principles,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements and internal control over financial reporting as well as audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. Prof. Kester has been involved in providing valuation and other financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consulting services to corporate clients since 1978. Prof. Kester&#146;s financial consulting</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">services present a breadth and level of complexity of accounting issues that are generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">comparable to the breadth and complexity of issues that can reasonably be expected to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">raised by the registrant&#146;s financial statements.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Ms. Robards has a thorough understanding of generally accepted accounting principles,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements and internal control over financial reporting as well as audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. Ms. Robards has been President of Robards &amp; Company, a financial advisory</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">where she was responsible for evaluating and assessing the performance of companies based</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">on their financial results. Ms. Robards has over 30 years of experience analyzing financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">statements. She also is a member of the audit committee of one publicly held company and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a non-profit organization.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Under applicable securities laws, a person determined to be an audit committee financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">expert will not be deemed an &#147;expert&#148; for any purpose, including without limitation for the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">purposes of Section 11 of the Securities Act of 1933, as a result of being designated or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">identified as an audit committee financial expert. The designation or identification as an</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee financial expert does not impose on such person any duties, obligations, or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">liabilities greater than the duties, obligations, and liabilities imposed on such person as a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">member of the audit committee and board of directors in the absence of such designation or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">identification.</FONT></P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4 &#150; Principal Accountant Fees and Services</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(a) Audit Fees</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(b) Audit-Related Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(c) Tax Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2</FONT></SUP></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(d) All Other Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">3</FONT></SUP></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entity Name</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Quality</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Municipal Trust,</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$29,700</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$28,800</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$3,500</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$3,500</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$6,100</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$6,100</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$1,028</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$1,049</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inc.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1 The nature of the services include assurance and related services reasonably related to the performance of the audit of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements not included in Audit Fees.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 The nature of the services include tax compliance, tax advice and tax planning.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3 The nature of the services include a review of compliance procedures and attestation thereto.</FONT></P>
<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant&#146;s audit committee (the &#147;Committee&#148;) has adopted policies and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures with regard to the pre-approval of services. Audit, audit-related and tax</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compliance services provided to the registrant on an annual basis require specific pre-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approval by the Committee. The Committee also must approve other non-audit services</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">provided to the registrant and those non-audit services provided to the registrant&#146;s affiliated</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">service providers that relate directly to the operations and the financial reporting of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant. Certain of these non-audit services that the Committee believes are a) consistent</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">with the SEC&#146;s auditor independence rules and b) routine and recurring services that will</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not impair the independence of the independent accountants may be approved by the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee without consideration on a specific case-by-case basis (&#147;general pre-approval&#148;).</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The term of any general pre-approval is 12 months from the date of the pre-approval, unless</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Committee provides for a different period. Tax or other non-audit services provided to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the registrant which have a direct impact on the operation or financial reporting of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant will only be deemed pre-approved provided that any individual project does not</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee oversees. For this purpose, multiple projects will be aggregated to determine if</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">they exceed the previously mentioned cost levels.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Any proposed services exceeding the pre-approved cost levels will require specific</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">pre-approval by the Committee, as will any other services not subject to general pre-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approval (e.g., unanticipated but permissible services). The Committee is informed of each</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">service approved subject to general pre-approval at the next regularly scheduled in-person</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">board meeting. At this meeting, an analysis of such services is presented to the Committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">for ratification. The Committee may delegate to one or more of its members the authority to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approve the provision of and fees for any specific engagement of permitted non-audit</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">services, including services exceeding pre-approved cost levels.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e)(2) None of the services described in each of Items 4(b) through (d) were approved by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</FONT></P>
<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(f) Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(g) </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Affiliates&#146; Aggregate Non-Audit Fees:</FONT></U></P>
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     <TD width="39%"></TD>
     <TD width="31%"></TD>
     <TD width="28%"></TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current Fiscal Year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous Fiscal Year</FONT></B>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entity Name</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></B>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Investment Quality</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$418,128</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$415,649</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Municipal Trust, Inc.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(h) The registrant&#146;s audit committee has considered and determined that the provision of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">non-audit services that were rendered to the registrant&#146;s investment adviser (not including</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">any non-affiliated sub-adviser whose role is primarily portfolio management and is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subcontracted with or overseen by the registrant&#146;s investment adviser), and any entity</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">controlling, controlled by, or under common control with the investment adviser that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">provides ongoing services to the registrant that were not pre-approved pursuant to paragraph</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accountant&#146;s independence.</FONT></P>
<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Regulation S-X Rule 2-01(c)(7)(ii) &#150; $407,500, 0%</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5 &#150; Audit Committee of Listed Registrants &#150; The following individuals are members of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s separately-designated standing audit committee established in accordance with</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kent Dixon</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Frank J. Fabozzi</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">James T. Flynn</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">W. Carl Kester</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Karen P. Robards</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Robert S. Salomon, Jr. (retired effective December 31, 2008)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 6 &#150; Investments</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) The registrant&#146;s Schedule of Investments is included as part of the Report to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stockholders filed under Item 1 of this form.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) Not Applicable due to no such divestments during the semi-annual period covered since</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the previous Form N-CSR filing.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 7 &#150; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Companies &#150; The board of directors has delegated the voting of proxies for the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund securities to the Fund&#146;s investment adviser (&#147;Investment Adviser&#148;) pursuant to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Adviser&#146;s proxy voting guidelines. Under these guidelines, the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Adviser will vote proxies related to Fund securities in the best interests of the Fund and its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">stockholders. From time to time, a vote may present a conflict between the interests of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund&#146;s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">person of the Fund or the Investment Adviser, on the other. In such event, provided that the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Adviser&#146;s Equity Investment Policy Oversight Committee, or a sub-committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">thereof (the &#147;Oversight Committee&#148;) is aware of the real or potential conflict or material</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">non-routine matter and if the Oversight Committee does not reasonably believe it is able to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">follow its general voting guidelines (or if the particular proxy matter is not addressed in the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">guidelines) and vote impartially, the Oversight Committee may retain an independent</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Adviser&#146;s clients. If the Investment Adviser determines not to retain an</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">independent fiduciary, or does not desire to follow the advice of such independent fiduciary,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Oversight Committee shall determine how to vote the proxy after consulting with the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Adviser&#146;s Portfolio Management Group and/or the Investment Adviser&#146;s Legal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Compliance Department and concluding that the vote cast is in its client&#146;s best interest</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">notwithstanding the conflict. A copy of the Fund&#146;s Proxy Voting Policy and Procedures are</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio securities during the most recent 12-month period ended June 30 is available</FONT></P>
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     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">without charge, (i) at www.blackrock.com and (ii) on the SEC&#146;s website at</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#0000ff size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">http://www.sec.gov</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD colSpan=7 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8 &#150; Portfolio Managers of Closed-End Management Investment Companies &#150; as of April 30,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2009.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(1) The registrant (or &#147;Fund&#148;) is managed by a team of investment professionals</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD colSpan=8 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter O&#146;Connor, Managing Director at BlackRock and Timothy T. Browse,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Director at BlackRock. Each is a member of BlackRock&#146;s municipal tax-exempt</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management group. Each is jointly responsible for the day-to-day management of the</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s portfolio, which includes setting the registrant&#146;s overall investment</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; strategy, overseeing the management of the registrant and/or selection of its</FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investments. Messrs. Jaeckel, O&#146;Connor and Browse have been members of the</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s portfolio management team since 2006, 2006 and 2008, respectively.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Biography</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managing Director at BlackRock, Inc. since 2006; Managing Director of</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) from 2005 to 2006;</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=8 align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director of MLIM from 1997 to 2005.</FONT></TD></TR>
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     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managing Director of BlackRock, Inc. since 2006; Managing Director of</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Timothy T. Browse</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Director of BlackRock, Inc. since 2008; Vice President of BlackRock, Inc.</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from 2006 to 2008; Vice President of MLIM from 2004 to 2006.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(2) As of April 30, 2009:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(ii) Number of Other Accounts Managed</FONT></B>&nbsp;</TD>
     <TD colSpan=3 align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(iii) Number of Other Accounts and</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">and Assets by Account Type</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Assets for Which Advisory Fee is</FONT></B>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Performance-Based</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(i) Name of</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">76</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$17.25 Billion</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">76</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$17.25 Billion</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Timothy T. Browse</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">14</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccffff align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$3.10 Billion</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(iv) Potential Material Conflicts of Interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock and its affiliates (collectively, herein &#147;BlackRock&#148;) has built a professional</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">working environment, firm-wide compliance culture and compliance procedures and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">systems designed to protect against potential incentives that may favor one account over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">another. BlackRock has adopted policies and procedures that address the allocation of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment opportunities, execution of portfolio transactions, personal trading by employees</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and other potential conflicts of interest that are designed to ensure that all client accounts are</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">treated equitably over time. Nevertheless, BlackRock furnishes investment management and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">advisory services to numerous clients in addition to the Fund, and BlackRock may,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consistent with applicable law, make investment recommendations to other clients or</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts (including accounts which are hedge funds or have performance or higher fees</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">such fees), which may be the same as or different from those made to the Fund. In addition,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, its affiliates and significant shareholders and any officer, director, stockholder</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or employee may or may not have an interest in the securities whose purchase and sale</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders, or any officer, director, stockholder, employee or any member of their</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">families may take different actions than those recommended to the Fund by BlackRock with</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">respect to the same securities. Moreover, BlackRock may refrain from rendering any advice</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or services concerning securities of companies of which any of BlackRock&#146;s (or its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">affiliates&#146; or significant shareholders&#146;) officers, directors or employees are directors or</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">officers, or companies as to which BlackRock or any of its affiliates or significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders or the officers, directors and employees of any of them has any substantial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">economic interest or possesses material non-public information. Each portfolio manager</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">also may manage accounts whose investment strategies may at times be opposed to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">strategy utilized for a fund. In this connection, it should be noted that a portfolio manager</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">may currently manage certain accounts that are subject to performance fees. In addition, a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio manager may assist in managing certain hedge funds and may be entitled to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">receive a portion of any incentive fees earned on such funds and a portion of such incentive</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">future manage other such accounts or funds and may be entitled to receive incentive fees.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly. When BlackRock purchases or sells securities for more than one account, the trades</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">allocate investments in a fair and equitable manner among client accounts, with no account</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">receiving preferential treatment. To this end, BlackRock has adopted a policy that is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">intended to ensure that investment opportunities are allocated fairly and equitably among</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">client accounts over time. This policy also seeks to achieve reasonable efficiency in client</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">transactions and provide BlackRock with sufficient flexibility to allocate investments in a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">manner that is consistent with the particular investment discipline and client base.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(3) As of April 30, 2009:</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager Compensation Overview</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s financial arrangements with its portfolio managers, its competitive</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation and its career path emphasis at all levels reflect the value senior management</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">places on key resources. Compensation may include a variety of components and may vary</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from year to year based on a number of factors. The principal components of compensation</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">include a base salary, a performance-based discretionary bonus, participation in various</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benefits programs and one or more of the incentive compensation programs established by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock such as its Long-Term Retention and Incentive Plan.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Base compensation. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Generally, portfolio managers receive base compensation based on</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">their seniority and/or their position with the firm. Senior portfolio managers who perform</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">additional management functions within the portfolio management group or within</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock may receive additional compensation for serving in these other capacities.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Discretionary Incentive Compensation</FONT></B></P>

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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is a function of several components: the performance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of BlackRock, Inc., the performance of the portfolio manager&#146;s group within BlackRock,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investment performance, including risk-adjusted returns, of the firm&#146;s assets under</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management or supervision by that portfolio manager relative to predetermined</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benchmarks, and the individual&#146;s seniority, role within the portfolio management team,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">teamwork and contribution to the overall performance of these portfolios and BlackRock.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In most cases, including for the portfolio managers of the Fund, these benchmarks are the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">same as the benchmark or benchmarks against which the performance of the Fund or other</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts managed by the portfolio managers are measured. BlackRock&#146;s Chief Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Officers determine the benchmarks against which the performance of funds and other</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts managed by each portfolio manager is compared and the period of time over which</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance is evaluated. With respect to the portfolio managers, such benchmarks for the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund include a combination of market-based indices (e.g., Barclays Capital Municipal Bond</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Index), certain customized indices and certain fund industry peer groups.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s Chief Investment Officers make a subjective determination with respect to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio managers&#146; compensation based on the performance of the funds and other accounts</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managed by each portfolio manager relative to the various benchmarks noted above.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Performance is measured on both a pre-tax and after-tax basis over various time periods</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">including 1, 3, 5 and 10-year periods, as applicable.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Distribution of Discretionary Incentive Compensation</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is distributed to portfolio managers in a combination</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">salary, represents more than 60% of total compensation for the portfolio managers. Paying</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">given year &#147;at risk&#148; based on BlackRock&#146;s ability to sustain and improve its performance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over future periods.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Long-Term Retention and Incentive Plan (&#147;LTIP&#148;) &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The LTIP is a
long-term</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive plan that seeks to reward certain key employees. Beginning in 2006, awards are</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">vested and subject to the attainment of certain performance goals, will be settled in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. common stock. Messrs. Jaeckel and O&#146;Connor have each received awards</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">under the LTIP.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Deferred Compensation Program &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">A portion of the compensation paid to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">eligible BlackRock employees may be voluntarily deferred into an account that tracks the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance of certain of the firm&#146;s investment products. Each participant in the deferred</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation program is permitted to allocate his deferred amounts among the various</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment options. Messrs. Jaeckel, O&#146;Connor and Browse have each participated in the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">deferred compensation program.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other compensation benefits. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In addition to base compensation and discretionary</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive compensation, portfolio managers may be eligible to receive or participate in one</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or more of the following:</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Incentive Savings Plans &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. has created a variety of incentive</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">savings plans in which BlackRock employees are eligible to participate, including a</FONT></P>

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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">company match equal to 50% of the first 6% of eligible pay contributed to the plan capped</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">at &#36;4,000 per year, and a company retirement contribution equal to 3-5% of eligible</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation. The RSP offers a range of investment options, including registered</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment companies managed by the firm. BlackRock contributions follow the investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">direction set by participants for their own contributions or, absent employee investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">direction, are invested into a balanced portfolio. The ESPP allows for investment in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock common stock at a 5% discount on the fair market value of the stock on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or a dollar value of &#36;25,000. Messrs. Jaeckel, O&#146;Connor and Browse are eligible to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participate in these plans.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(4) </FONT><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Beneficial Ownership of Securities </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#150; April 30, 2009</FONT><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">.</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=43%></TD>
     <TD width=56%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dollar Range of Equity</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Securities Beneficially Owned</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">None</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">None</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Timothy T. Browse</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">None</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9 &#150; Purchases of Equity Securities by Closed-End Management Investment Company and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Affiliated Purchasers &#150; Not Applicable due to no such purchases during the period covered</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">by this report.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10 &#150; Submission of Matters to a Vote of Security Holders &#150; 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></P>
<P align="left">
<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 second fiscal quarter</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the period covered by this report that have materially affected, or are reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
<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; See Item 2</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(2) &#150; Certifications &#150; Attached hereto</FONT></P>

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<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></P>

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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 Investment Quality Municipal Trust, 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 Investment Quality Municipal Trust, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 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 Investment Quality Municipal Trust, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 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 Investment Quality Municipal Trust, Inc.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certsbkn.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Investment Quality Municipal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trust, 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 Investment Quality Municipal Trust, 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 committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 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 Investment Quality Municipal Trust, Inc.</FONT></P>
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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Investment Quality</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Municipal Trust, 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 Investment Quality Municipal Trust,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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 committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 2009</FONT></P>
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<P align="left"> <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 Investment Quality Municipal Trust, Inc.</FONT></P>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>section906bkn.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99.1350CERT</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification Pursuant to Rule 30a-2(b) under the 1940 Act and</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Section 906 of the Sarbanes Oxley Act</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock Investment Quality Municipal Trust, Inc. (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form N-CSR for the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">period ended April 30, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">respects, the financial condition and results of operations of the Registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 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 Investment Quality Municipal Trust, 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 Investment Quality Municipal Trust, Inc. (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form N-CSR for the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">period ended April 30, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">respects, the financial condition and results of operations of the Registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 19, 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 Investment Quality Municipal Trust, 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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange Commission</FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">.</FONT></B></P>
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<U><FONT size=7 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Proxy Voting Policies</FONT></U><FONT size=7 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> </FONT><BR>
<BR>
<FONT size=5 face="TimesNewRomanPSMT,Times New Roman,Times,serif">For The BlackRock-Advised Funds</FONT><BR>
<BR>
<FONT size=5 face="TimesNewRomanPSMT,Times New Roman,Times,serif">May 30, 2008</FONT></TD></TR></TABLE>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Table of Contents</FONT>&nbsp;
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<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Page</FONT></U>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Introduction</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Proxy Voting Policies</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Boards of Directors</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Auditors</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Compensation and Benefits</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Capital Structure</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corporate Charter and By-Laws</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corporate Meetings</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Companies</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Environmental and Social Issues</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Reports to the Board</FONT>&nbsp;
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;
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<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Introduction</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Trustees/Directors (&#147;Directors&#148;) of the BlackRock-Advised Funds (the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;Funds&#148;) have the responsibility for voting proxies relating to portfolio securities of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Funds, and have determined that it is in the best interests of the Funds and their </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders to delegate that responsibility to BlackRock Advisors, LLC and its affiliated </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">U.S. registered investment advisers (&#147;BlackRock&#148;), the investment adviser to the Funds,</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">as part of BlackRock&#146;s authority to manage, acquire and dispose of account assets. The </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Directors hereby direct BlackRock to vote such proxies in accordance with this Policy,</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and any proxy voting guidelines that the Adviser determines are appropriate and in the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">best interests of the Funds&#146; shareholders and which are consistent with the principles </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">outlined in this Policy.  The Directors have authorized BlackRock to utilize an </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">unaffiliated third-party as its agent to vote portfolio proxies in accordance with this</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Policy and to maintain records of such portfolio proxy voting.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">When BlackRock votes proxies for an advisory client that has delegated to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock proxy voting authority, BlackRock acts as the client&#146;s agent. Under the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;), an investment adviser is a </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">fiduciary that owes each of its clients a duty of care and loyalty with respect to all </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">services the adviser undertakes on the client&#146;s behalf, including proxy voting. BlackRock</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">is therefore subject to a fiduciary duty to vote proxies in a manner BlackRock believes is </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">consistent with the client&#146;s best interests.</FONT><SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT></SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"> When voting proxies for the Funds, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s primary objective is to make voting decisions solely in the best interests of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Funds&#146; shareholders. In fulfilling its obligations to shareholders, BlackRock will seek </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to act in a manner that it believes is most likely to enhance the economic value of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">underlying securities held in client accounts.</FONT><SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 </FONT></SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">It is imperative that BlackRock considers </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the interests of Fund shareholders, and not the interests of BlackRock, when voting </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies and that real (or perceived) material conflicts that may arise between </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s interest and those of BlackRock&#146;s clients are properly addressed and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">resolved. </FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Advisers Act Rule 206(4)-6 was adopted by the SEC in 2003 and requires, among </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">other things, that an investment adviser that exercises voting authority over clients&#146; proxy </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">voting adopt policies and procedures reasonably designed to ensure that the adviser votes </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies in the best interests of clients, discloses to its clients information about those </FONT><BR>
<BR>
<SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">     Letter from Harvey L. Pitt, Chairman, SEC, to John P.M. Higgins, President, Ram Trust
Services </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(February 12, 2002) (Section 206 of the Investment Advisers Act imposes a fiduciary responsibility to vote </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies fairly and in the best interests of clients); SEC Release No. IA-2106 (February 3, 2003).</FONT><BR>
<BR>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other considerations, such as social, labor, environmental or other policies, may be of interest to
</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">particular clients. While BlackRock is cognizant of the importance of such considerations, when voting </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies it will generally take such matters into account only to the extent that they have a direct bearing on </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the economic value of the underlying securities. To the extent that a BlackRock client, such as the Funds, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">desires to pursue a particular social, labor, environmental or other agenda through the proxy votes made for </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">its securities held through BlackRock as investment adviser, BlackRock encourages the client to consider </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">retaining direct proxy voting authority or to appoint independently a special proxy voting fiduciary other </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">than BlackRock.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 1 -</FONT></TD></TR></TABLE>
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">policies and procedures and also discloses to clients how they may obtain information on </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">how the adviser has voted their proxies.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock has adopted separate but substantially similar guidelines and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures that are consistent with the principles of this Policy.  BlackRock&#146;s Equity </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Policy Oversight Committee, or a sub-committee thereof (the &#147;Committee&#148;),</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">addresses proxy voting issues on behalf of BlackRock and its clients, including the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Funds. The Committee is comprised of senior members of BlackRock&#146;s Portfolio </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Management and Administration Groups and is advised by BlackRock&#146;s Legal and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Compliance Department.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Proxy Voting Policies</FONT></B><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">A. Boards of Directors</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals concern those issues submitted to shareholders relating to the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">composition of the board of directors of companies other than investment companies. As </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a general matter, the Funds believe that a company&#146;s board of directors (rather than </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders) is most likely to have access to important, nonpublic information regarding </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a company&#146;s business and prospects, and is therefore best-positioned to set corporate </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">policy and oversee management. The Funds therefore believe that the foundation of good </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporate governance is the election of qualified, independent corporate directors who are </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">likely to diligently represent the interests of shareholders and oversee management of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporation in a manner that will seek to maximize shareholder value over time. In </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">individual cases, consideration may be given to a director nominee&#146;s history of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">representing shareholder interests as a director of other companies, or other factors to the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">extent deemed relevant by the Committee.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">B. Auditors</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals concern those issues submitted to shareholders related to the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">selection of auditors. As a general matter, the Funds believe that corporate auditors have </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a responsibility to represent the interests of shareholders and provide an independent </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">view on the propriety of financial reporting decisions of corporate management. While </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Funds anticipate that the Committee will generally defer to a corporation&#146;s choice of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">auditor, in individual cases, consideration may be given to an auditors&#146; history of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">representing shareholder interests as auditor of other companies, to the extent deemed </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">relevant.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">C. Compensation and Benefits</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals concern those issues submitted to shareholders related to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">management compensation and employee benefits. As a general matter, the Funds favor </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure of a company&#146;s compensation and benefit policies and oppose excessive </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation, but believe that compensation matters are normally best determined by a </FONT><BR>
<BR>
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporation&#146;s board of directors, rather than shareholders. Proposals to &#147;micro-manage&#148; a </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">company&#146;s compensation practices or to set arbitrary restrictions on compensation or </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">benefits should therefore generally not be supported by the Committee.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">D. Capital Structure</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals relate to various requests, principally from management, for </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">approval of amendments that would alter the capital structure of a company, such as an </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">increase in authorized shares. As a general matter, the Funds expect that the Committee</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">will support requests that it believes enhance the rights of common shareholders and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">oppose requests that appear to be unreasonably dilutive. </FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">E. Corporate Charter and By-Laws</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals relate to various requests for approval of amendments to a </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporation&#146;s charter or by-laws, principally for the purpose of adopting or redeeming </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;poison pills&#148;. As a general matter, the Funds expect that the Committee will oppose </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">poison pill provisions unless, after consultation with the portfolio managers, it is </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">determined that supporting the poison pill is in the best interest of shareholders.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">F. Corporate Meetings</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These are routine proposals relating to various requests regarding the formalities </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of corporate meetings. As a general matter, the Funds expect that the Committee will</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">support company management except where the proposals are substantially duplicative or </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">serve no legitimate business purpose.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">G. Investment Companies</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals relate to proxy issues that are associated solely with holdings of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shares of investment companies, including, but not limited to, investment companies for </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">which BlackRock provides investment advisory, administrative and/or other services. As </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">with other types of companies, the Funds believe that an investment company&#146;s board of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">directors (rather than its shareholders) is best-positioned to set fund policy and oversee </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">management. However, the Funds oppose granting boards of directors authority over </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">certain matters, such as changes to a fund&#146;s investment objective, that the Investment </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940 envisions will be approved directly by shareholders.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">H. Environmental and Social Issues</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These are shareholder proposals to limit corporate conduct in some manner that </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">relates to the shareholder&#146;s environmental or social concerns. The Funds generally </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">believe that annual shareholder meetings are inappropriate forums for the discussion of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">larger social issues, and oppose shareholder resolutions &#147;micro-managing&#148; corporate </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">conduct or requesting release of information that would not help a shareholder evaluate </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 3 -</FONT></TD></TR></TABLE>
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">an investment in the corporation as an economic matter. While the Funds are generally </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">supportive of proposals to require corporate disclosure of matters that seem relevant and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">material to the economic interests of shareholders, the Funds generally are not supportive </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of proposals to require disclosure of corporate matters for other purposes.</FONT><BR>
<BR>
<B><U><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Reports to the Board</FONT></U></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock will report to the Directors on proxy votes it has made on behalf of the Funds </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">at least annually.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 4 -</FONT></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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