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<SEC-DOCUMENT>0000900092-10-000040.txt : 20100108
<SEC-HEADER>0000900092-10-000040.hdr.sgml : 20100108
<ACCEPTANCE-DATETIME>20100108135146
ACCESSION NUMBER:		0000900092-10-000040
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20091031
FILED AS OF DATE:		20100108
DATE AS OF CHANGE:		20100108
EFFECTIVENESS DATE:		20100108

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07354
		FILM NUMBER:		10517044

	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-CSRS
<SEQUENCE>1
<FILENAME>bkn.htm
<DESCRIPTION>BKN
<TEXT>

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   <TITLE>bkn.htm - Produced by Pellegrini and Associates, Inc.  |  134 Spring Street New York NY 10012  |  (212) 925-5151</TITLE>
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<P align="center">
<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-CSRS</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INVESTMENT COMPANIES</FONT></B></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: Anne F. Ackerley, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Quality Municipal Trust, Inc., 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 04/30/2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 10/31/2009</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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<BR>
<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">Semi-Annual Report</FONT><BR>
<BR>
<FONT face="DIN-Regular,Arial,Helvetica,sans-serif">OCTOBER 31, 2009 | (UNAUDITED)</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>
<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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<TR>
     <TD width=16%></TD>
     <TD width=41%></TD>
     <TD width=30%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Table of Contents</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e9f1fb" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e9f1fb" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e9f1fb" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e9f1fb" align=right style="border-bottom:1px solid #000000;">
<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=left>
&nbsp;</TD>
	<TD align=left>
&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">Semi-Annual Report:</FONT></B>&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">Trust Summaries</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&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 colspan=2>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Benefits and Risks of Leveraging</FONT>&nbsp;</TD>
	<TD align=left>
&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 colspan=2>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Derivative Financial Instruments</FONT>&nbsp;</TD>
	<TD align=left>
&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>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Schedules of Investments</FONT>&nbsp;</TD>
	<TD align=left>
&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 colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Assets and Liabilities</FONT>&nbsp;</TD>
	<TD align=left>
&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 colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Operations</FONT>&nbsp;</TD>
	<TD align=left>
&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 colspan=2>
 &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=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">34</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statement of Cash Flows</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">36</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=left>
&nbsp;</TD>
	<TD align=left>
&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 colspan=2>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Notes to Financial Statements</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">43</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">49</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Officers and Trustees</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&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 style="border-bottom:1px solid #000000;">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Additional Information</FONT>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">54</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">2</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">OCTOBER 31, 2009</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE><BR>

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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>Over the past 12 months, we have witnessed a seismic shift in market sentiment &#151; from fear and pessimism during the worst economic decline and crisis</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of confidence in financial markets since The Great Depression to increasing optimism amid emerging signs of recovery. The period began in the midst of an</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>intense deterioration in global economic activity and financial markets in the final months of 2008 and the early months of 2009. The collapse of confi-</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dence resulted in massive government policy intervention on a global scale in the financial system and the economy. The tide turned dramatically in March</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises in corporate earnings.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Not surprisingly, global equity markets endured extreme volatility over the past 12 months, starting with steep declines and heightened risk aversion in the</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>early part of the reporting period, which eventually gave way to an impressive rally that began in March. Although there have been fits and starts along the</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>way and a few modest corrections, the new bull market has pushed all major US indices well into positive territory for 2009. The experience in international</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>markets was similar to that in the United States. In particular, emerging markets (which were less affected by the global credit crunch and are experiencing</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>faster economic growth rates when compared to the developed world) have posted impressive gains since the rally began.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, which drove yields sharply lower,</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>but concerns about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. As economic</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and market conditions began to improve in early 2009, near-zero interest rates on risk-free assets prompted many investors to reallocate money from cash</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments into higher-yielding and riskier non-Treasury assets. The high yield sector was the greatest beneficiary of this move, having decisively outpaced</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>all other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>one of its worst years in 2008. Investor demand remains strong for munis, helping to create a highly favorable technical backdrop. Municipal bond mutual</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>funds are seeing record inflows, reflecting the renewed investor interest in the asset class.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>As a result of the rebound in sentiment and global market conditions, most major benchmark indexes are now in positive territory for both the</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6- and 12-month periods.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="62%"></TD>
     <TD width="28%"></TD>
     <TD width="9%"></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 October 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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>
<TR vAlign=bottom>
     <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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20.04%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.80%</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>Small cap US equities (Russell 2000 Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.21</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.46</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>International equities (MSCI Europe, Australasia, Far East Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>31.18</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27.71</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>US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.79)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.12</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>Taxable fixed income (Barclays Capital US Aggregate Bond Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.61</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13.79</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.99</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13.60</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>High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27.72</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>48.65</FONT>&nbsp;</TD></TR>
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     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* Formerly a Merrill Lynch index.</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; &nbsp;<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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>turbulence, as ever, BlackRock&#146;s full resources are dedicated to the management of our clients&#146; assets. For additional market perspective and investment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>insight, visit the most recent issue of our award-winning </FONT><FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Shareholder&#174; </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>magazine at </FONT><FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>www.blackrock.com/shareholdermagazine. </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>As always, we thank you</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.</FONT></P>
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<BR>
<P align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Announcement to Shareholders</FONT></B><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world's preeminent investment management firms.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The new company, operating under the BlackRock name, manages $3.19 trillion in assets** and offers clients worldwide a full complement of active man-</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>agement, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment vehicles, and the industry-leading iShares platform of exchange traded funds.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>** Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management and other data at BlackRock, Inc.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and Barclays Global Investors.</FONT><BR>
<BR>
<FONT color=#4d4d4d size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>THIS PAGE NOT PART OF YOUR FUND REPORT </FONT><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3</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 October 31, 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.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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 October 31, 2009, the Trust returned 23.85% based on market price and 15.88% based on net asset value (&#147;NAV&#148;). For the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14.93% on a NAV basis. All returns reflect reinvestment of dividends. During the period, the Trust moved from a discount to a premium to NAV, which</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>accounts for the difference between performance based on price and performance based on NAV. During the period, the Trust maintained heavy exposure</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to A&#150; and BBB-rated credits. Additionally, the Trust was positioned with a longer duration relative to its Lipper peers, and its holdings primarily comprised</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>longer-dated bonds. These factors benefited total return as credit spreads narrowed and there was a combined curve flattening with an overall rally in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>prices. On a sector basis, the Trust&#146;s significant holdings in housing and health contributed positively as these sectors outperformed. Lastly, fund manage-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ment was active in the new-issue market, adding attractively-structured bonds at a discount to where similar credits were trading in the secondary market.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Conversely, the Trust held fewer discount-coupon bonds, which saw the most price appreciation as municipal yields fell during the period; this detracted</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from results. Moreover, the Trust&#146;s dividend to the shareholder was below the average of its Lipper peers.</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>
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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>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>
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     <TD style="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>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on New York Stock Exchange (&#147;NYSE&#148;)</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=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD></TR>
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     <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 align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>February 19, 1993</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of October 31, 2009 ($13.56)</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>7.21%</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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.09%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0815</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.9780</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 October 31, 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=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>38%</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=7 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.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Past performance does not guarantee future results.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD colSpan=3 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>
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     <TD colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 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 Auction Market Preferred Shares (&#147;Preferred Shares&#148;) and tender option bond trusts (&#147;TOBs&#148;) as a percentage of total managed assets,</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 align=right><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>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&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=6 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>&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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&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=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=right><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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$13.56</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19.47%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$14.24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.21</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>&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>$13.00</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=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.78%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$13.86</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.63</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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>
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     <TD 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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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>Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&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>19%</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>&nbsp;</TD>
     <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>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>30</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>33</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>&nbsp;</TD>
     <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>12</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>9</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>Utilities</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>8</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>3</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>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>11</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>1</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>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>10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CCC/Caa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</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>&nbsp;</TD>
     <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>7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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=left>&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>8</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>Corporate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><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>&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>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>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Service (&#147;Moody&#146;s&#148;) ratings.</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 colSpan=5 align=right><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</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be of investment grade quality. As of October 31, 2009 and April 30,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, the market value of these securities was $20,636,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>representing 6% and $12,511,098 representing 4%, respectively,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 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=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of the Trust&#146;s long-term investments.</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><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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<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 October 31, 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.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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 October 31, 2009, the Trust returned 16.37% based on market price and 16.69% based on NAV. For the same period, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>NAV basis. All returns reflect reinvestment of dividends. The Trust's discount to NAV, which widened 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. Positive performance factors included concentrations in education, health, tobacco and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>corporate-related debt. Renewed risk appetite was also beneficial, given the Trust&#146;s focus on lower-rated credits. In addition, the Trust&#146;s long duration stance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>less exposure to the tax-backed and essential services sectors.</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="25%"></TD>
     <TD width="11%"></TD>
     <TD width="6%"></TD>
     <TD width="9%"></TD>
     <TD width="7%"></TD>
     <TD width="9%"></TD>
     <TD width="7%"></TD>
     <TD width="9%"></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>
     <TD style="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 NYSE</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=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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><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 colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of October 31, 2009 ($9.88)</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>6.98%</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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.74%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0575</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.6900</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 October 31, 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=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>37%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=7 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.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Past performance 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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 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 colSpan=2 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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 align=right><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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&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>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>
     <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=6 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>&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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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=right><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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9.88</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.79</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12.40%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.72</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8.65</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>&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>$10.73</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=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12.71%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9.52</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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" 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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>Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD>
     <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>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>43</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>&nbsp;</TD>
     <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>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>14</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>15</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>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>12</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</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>&nbsp;</TD>
     <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>10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>3</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>State</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>9</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16</FONT>&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></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>10</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &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>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&nbsp;</TD>
     <TD 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>Tobacco</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>13</FONT>&nbsp;</TD>
     <TD colSpan=5 align=right><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</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>Corporate</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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be of investment grade quality. As of October 31, 2009 and April 30,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, the market value of these securities was $1,737,913 repre-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 1% and $1,468,107 representing 1%, respectively, of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 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=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_7"></A>
<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 October 31, 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.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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 October 31, 2009, the Trust returned 17.06% based on market price and 17.08% based on NAV. For the same period, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% 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 premium to NAV, which remained substantially unchanged during the period, accounts for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the difference between performance based on price and performance based on NAV. The Trust&#146;s allocation to lower-rated issues with longer maturities bene-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fited performance as the high yield sector outperformed, with credit spreads contracting as the overall market improved and yields declined. Conversely, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s short-duration bias detracted from performance in an environment where yields fell. The Trust is managed to meet a 2020 termination date, and as</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>such, maintains a generally shorter duration than that of its Lipper category, which comprises longer-duration funds. Accordingly, the Trust did not fully bene-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fit from the price appreciation that occurred amongst longer-dated securities.</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>
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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>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>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on NYSE</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <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>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>September 30, 2003</FONT>&nbsp;</TD></TR>
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     <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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><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 colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of October 31, 2009 ($14.47)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.16%</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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.94%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><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 colSpan=2 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 colSpan=2 align=right><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 October 31, 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=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>39%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=7 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.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Past performance does not guarantee future results.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD colSpan=3 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>
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     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 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=8 align=right><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 colSpan=2 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>
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<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 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>&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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&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=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=right><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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$14.47</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.70</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13.94%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$14.76</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.42</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>&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>$13.72</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=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13.95%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$14.26</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.04</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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" 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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>Corporate</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>22%</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>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>16</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24</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>&nbsp;</TD>
     <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>15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>27</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>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>9</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>1</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>State</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>9</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>3</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>Utilities</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>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CC/Ca</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</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>&nbsp;</TD>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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=left>&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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</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>Tobacco</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>10</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &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>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <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>6</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><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</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be of investment grade quality. As of October 31, 2009 and April 30,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, the market value of these securities was $6,099,320 repre-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 1% and $5,768,611 representing 1%, respectively, of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 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=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</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><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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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 October 31, 2009 </FONT><B><FONT color=#0035c4 size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal Income Trust</FONT></B><BR>
<BR>
<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 high current income which, in the opinion of bond counsel to the issuer, is exempt</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from regular federal income tax.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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 October 31, 2009, the Trust returned 16.99% based on market price and 21.79% based on NAV. For the same period, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% on a NAV</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to a discount to NAV by period-end, which 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. Positive performance factors included concentrations in education, health, trans-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>portation and corporate-related debt. Renewed risk appetite was also beneficial, given the Trust&#146;s focus on lower-rated credits. In addition, the Trust&#146;s long</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>duration stance and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>factors included less exposure to the tax-backed and essential services sectors.</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>
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     <TD width="7%"></TD>
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     <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>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD></TR>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on NYSE</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 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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><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 colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of October 31, 2009 ($12.50)</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>7.55%</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>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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11.62%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.0786</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.9432</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 October 31, 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=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>38%</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=7 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.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Past performance does not guarantee future results.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD colSpan=3 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>
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     <TD colSpan=2 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>
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     <TD colSpan=8 align=right><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>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 align=right><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>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 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>&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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&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=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=right><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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.50</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.10</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12.61%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$14.25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.68</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>&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>$12.59</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=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17.23%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$13.34</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.74</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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" 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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>Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&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>18%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>34%</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>Corporate</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>12</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19</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>&nbsp;</TD>
     <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>11</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>21</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>Utilities</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>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><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>14</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>Education</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>11</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>3</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>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>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>4</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>County/City/Special District/</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CCC/Caa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>&nbsp;</TD>
     <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>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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=left>&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>8</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>Housing</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>9</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &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>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&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><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>
     <TD colSpan=5 align=right><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</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be of investment grade quality. As of October 31, 2009 and April 30,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, the market value of these securities was $21,665,391 repre-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 2% and $17,649,155 representing 2%, respectively, of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 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=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_9"></A>
<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 October 31, 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 which, in the opinion of bond counsel to the issuer,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>is exempt from regular federal and Pennsylvania income taxes.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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 October 31, 2009, the Trust returned 24.45% based on market price and 16.96% based on NAV. For the same period, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 16.92% on a market price basis and 12.05% on a NAV basis.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>All returns reflect reinvestment of dividends. The Trust&#146;s discount to NAV, which narrowed during the period, accounts for the difference between performance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>based on price and performance based on NAV. A higher concentration in interest-rate-sensitive bonds benefited Trust performance as rates steadily</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>declined through the period. Certain sector allocations also contributed to the Trust&#146;s performance, specifically the long-term care and continuing care retire-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ment communities sector, bonds escrowed to maturity, and US territories (i.e., Puerto Rico, Guam and the Virgin Islands). Conversely, low exposure to both</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the corporate and non-investment-grade credit sectors detracted from the Trust&#146;s performance as credit spreads tightened and these issues outperformed.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trust&#146;s moderate cash level had no impact on 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>
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<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>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>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb align=left>&nbsp;</TD>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on NYSE Amex</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
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     <TD align=left>&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=left>&nbsp;</TD>
     <TD align=left>&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>August 25, 1999</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of October 31, 2009 ($11.92)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.44%</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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9.91%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.064</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.768</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 October 31, 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=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>38%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=7 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.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Past performance 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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 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 colSpan=2 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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 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</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=8 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>please see 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=6 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>&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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&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=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=right><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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.92</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.85</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21.02%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$13.03</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.84</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>&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>$13.50</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=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13.73%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$14.03</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.86</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT></TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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>Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19%</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>&nbsp;</TD>
     <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>17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>46</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>State</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>15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>&nbsp;</TD>
     <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>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><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>7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>&nbsp;</TD>
     <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>9</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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=left>&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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>11</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &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>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&nbsp;</TD>
     <TD 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>Utilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &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>The investment advisor has deemed certain of these securities to</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>Corporate</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>4</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be of investment grade quality. As of October 31, 2009 and April 30,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, the market value of these securities was $1,605,730 repre-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 4% and $1,623,020 representing 4%, respectively, of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 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=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</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><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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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 October 31, 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, 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, consistent with the preservation of capital.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No assurance can be given that the Trust&#146;s investment objective will be achieved.</FONT><BR>
<BR>
<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Performance</FONT></B><BR>
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<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the six months ended October 31, 2009, the Trust returned 20.81% based on market price and 16.91% based on NAV. For the same period, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 16.28% on a market price basis and 14.93% 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. Positive performance factors included concentrations in education, health, transportation and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>corporate-related debt. Renewed risk appetite was also beneficial, given the Trust&#146;s focus on lower-rated credits. In addition, the Trust&#146;s long duration stance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and emphasis on longer-dated bonds were significant positive contributors as yields on the long end of the curve fell substantially. Negative factors included</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>less exposure to the tax-backed, essential services and tobacco sectors. The Trust&#146;s cash reserves had no impact on 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>
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     <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>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Symbol on NYSE</FONT>&nbsp;</TD>
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     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BSD</FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Initial Offering Date</FONT>&nbsp;</TD>
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     <TD colSpan=2 align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>August 25, 1999</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yield on Closing Market Price as of October 31, 2009 ($11.83)</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
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     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.10%</FONT>&nbsp;</TD></TR>
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     <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>
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     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10.92%</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 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>
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     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.07</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 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>
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     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.84</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Leverage as of October 31, 2009</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38%</FONT>&nbsp;</TD></TR>
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     <TD colSpan=7 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.</FONT>&nbsp;</TD>
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     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Past performance does not guarantee future results.</FONT>&nbsp;</TD>
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     <TD colSpan=3 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>
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     <TD colSpan=2 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>
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     <TD colSpan=8 align=right><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>
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     <TD colSpan=8 align=right><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>
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     <TD colSpan=2 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>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 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>
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     <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>10/31/09</FONT></B>&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=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=right><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>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Market Price</FONT>&nbsp;</TD>
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     <TD align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11.83</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.55%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.79</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.06</FONT>&nbsp;</TD></TR>
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     <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>&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12.35</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=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12.79%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$13.15</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10.95</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</FONT>&nbsp;</TD>
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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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>10/31/09</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>4/30/09</FONT></B>&nbsp;</TD></TR>
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     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AAA/Aaa</FONT>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=center><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>31%</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County/City/Special District/</FONT>&nbsp;</TD>
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     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AA/Aa</FONT>&nbsp;</TD>
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     <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>29</FONT>&nbsp;</TD></TR>
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     <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>16</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A</FONT>&nbsp;</TD>
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     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <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>14</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BBB/Baa</FONT>&nbsp;</TD>
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     <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>5</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <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>12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BB/Ba</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</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>&nbsp;</TD>
     <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>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>5</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>Utilities</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>8</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CCC/Caa</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2</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>&nbsp;</TD>
     <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>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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=left>&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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <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>8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &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>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&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><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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><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</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be of investment grade quality. As of October 31, 2009 and April 30,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, the market value of these securities was $3,804,164 repre-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>senting 3% and $2,678,936 representing 2%, respectively, of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 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=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s long-term investments.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR></TABLE><BR>
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<A name="page_11"></A>
<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 the Trusts, except for BTA, issue Preferred Shares, which pay</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dividends at prevailing short-term interest rates, and invest the proceeds in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>long-term municipal bonds. In general, the concept of leveraging is based</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the premise that the cost of assets to be obtained from leverage will be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>based on short-term interest rates, which normally will be lower than the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>income earned by each Trust on its longer-term portfolio investments. To</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the extent that the total assets of each Trust (including the assets obtained</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from leverage) are invested in higher-yielding portfolio investments, each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s Common Shareholders will benefit from the incremental net income.</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 securi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ties purchased by the Trust with assets received from Preferred Shares</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>issuance earn the income based on long-term interest rates. In this case,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the dividends paid to Preferred Shareholders are significantly lower than</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the income earned on the Trust&#146;s long-term investments, and therefore the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shareholders are the beneficiaries of the incremental net income.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>If short-term interest rates rise, narrowing the differential between short-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>term and long-term interest rates, the incremental net income pickup on</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Common Shares will be reduced or eliminated completely. Furthermore,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>if prevailing short-term interest rates rise above long-term interest rates of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6%, the yield curve has a negative slope. In this case, the Trust pays divi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dends on the higher short-term interest rates whereas the Trust&#146;s total port-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>folio earns income based on lower long-term interest rates.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Furthermore, the value of the Trusts&#146; 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 redemp-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion value of the Trusts&#146; Preferred Shares do not fluctuate in relation to inter-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>est rates. As a result, changes in interest rates can influence the Trusts&#146; 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 leverage their assets through the use of tender option</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond (&#147;TOB&#148;) programs, as described in Note 1 of the Notes to Financial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements. TOB investments generally will provide the Trusts with economic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>benefits in periods of declining short-term interest rates, but expose the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts to risks during periods of rising short-term interest rates similar to</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>those associated with Preferred Shares issued by the Trusts, as described</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>above. Additionally, fluctuations in the market value of municipal bonds</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>deposited into the TOB trust may adversely affect each Trust&#146;s NAVs per</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>share.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The use of leverage may enhance opportunities for increased income 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 the Trusts&#146; 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, each Trust&#146;s 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. Each Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may be required to sell portfolio securities at inopportune times or at dis-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tressed values in order to comply with regulatory requirements applicable</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to the use of leverage or as required by the terms of leverage instruments,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which may cause a Trust to incur losses. The use of leverage may limit each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s ability to invest in certain types of securities or use certain types of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>hedging strategies, such as in the case of certain restrictions imposed by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ratings agencies that rate preferred shares issued by the Trusts. Each Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>will incur expenses in connection with the use of leverage, all of which are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>borne by Common Shareholders and may reduce income to the Common</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 October 31, 2009, the Trusts had economic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>leverage from Preferred Shares and/or TOBs as a percentage of their total</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>managed assets as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="53%"></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>BKN</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>BTA</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>37%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>39%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</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>BPS</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 style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Derivative Financial Instruments</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts may invest in various derivative instruments, including finan-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cial futures contracts, as specified in Note 2 of the Notes to Financial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements, which constitute forms of economic leverage. Such instruments</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are used to obtain exposure to a market without owning or taking physical</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>custody of securities or to hedge market and/or interest rate risks. Such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>derivative instruments involve risks, including the imperfect correlation</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>between the value of a derivative instrument and the underlying asset and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>illiquidity of the derivative instrument. The Trusts&#146; ability to successfully use</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a derivative instrument depends on the investment advisor&#146;s ability to accu-</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rately predict pertinent market movements, which cannot be assured. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>use of derivative instruments may result in losses greater than if they had</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>not been used, may require the Trusts to sell or purchase portfolio securi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ties at inopportune times or for distressed values, may limit the amount of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>appreciation the Trusts can realize on an investment or may cause the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts to hold a security that they might otherwise sell. The Trusts&#146; invest-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments 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 SEMI-ANNUAL REPORT OCTOBER 31, 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>October 31, 2009 (Unaudited) </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>Alabama &#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 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>
     <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, RB, Health Care Facilities, Children&#146;s 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>(AGC), 6.00%, 6/01/39</FONT>&nbsp;</TD>
     <TD colSpan=2 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>$ 1,167,078</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Birmingham Special Care Facilities Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Childrens Hospital (AGC), 6.00%, 6/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,745</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,858,739</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Coosa Valley Water Supply District Inc., RB (AGC):</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>4.50%, 10/01/34</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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>848,484</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 10/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,045</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,894,549</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 10/01/39</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,098,648</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>6,867,498</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; 5.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Goodyear Arizona, GO (FSA), 4.25%, 7/01/36</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,125</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,027,676</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Glendale Municipal Property Corp., Arizona, RB, 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>(FSA), 4.50%, 7/01/32</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>1,108,738</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mohave County Unified School District No. 20, Kingman,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>GO, School Improvement, Project 2006, Series C (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 7/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,908,954</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corp., RB, Senior:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=left>&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>925,497</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&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>3,900,001</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Luis Facility Development Corp., RB, Senior Lien</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project, Regional Detention 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; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 5/01/15</FONT>&nbsp;</TD>
     <TD align=left>&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>454,681</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 5/01/20</FONT>&nbsp;</TD>
     <TD align=left>&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>452,682</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>894,025</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Medical Center Corp., Arizona, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.50%, 7/01/39</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>791,205</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>11,463,459</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; 26.2%</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>California County Tobacco Securitization Agency, RB, CAB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)</FONT>&nbsp;</TD>
     <TD align=left>&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>86,994</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Health Facilities Financing Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cedars-Sinai Medical Center, 5.00%, 8/15/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>880</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>818,242</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State Department of Veterans Affairs, 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>RB, Series B, AMT, 5.25%, 12/01/37</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>4,499,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Carlsbad Unified School District, GO, Election, 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>6.09%, 5/01/34 (b)</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>901,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Sacramento California, RB, Senior, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(FSA), 5.00%, 7/01/41</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>1,965,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dinuba Unified School District, GO, Election of 2006 (FSA):</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>5.63%, 8/01/31</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>259,187</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=left>&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>554,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foothill Eastern Transportation Corridor Agency, 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>Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 1/15/40</FONT>&nbsp;</TD>
     <TD align=left>&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>3,189,118</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, 5.88%, 7/15/28 (b)</FONT>&nbsp;</TD>
     <TD align=left>&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>6,797,560</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>California (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>Golden State Tobacco Securitization Corp., California, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset-Backed, Senior, Series A-1, 5.13%, 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>$ 532,145</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hartnell Community College District, California, 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>Premium Capital Appreciation Election of 2002,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, 7.17%, 8/01/34 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,475</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,163,027</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Altos School District, California, GO, CAB, Election</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of 1998, Series B (MBIA), 5.93%, 8/01/13 (a)(c)</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>5,492,310</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Norwalk-La Mirada 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>California, GO, CAB, Election 2002, Series E (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.47%, 8/01/38 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,022,240</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Diego Community College District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, Election of 2002, 6.14%, 8/01/19 (b)</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>2,505,426</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of California, 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>5.00%, 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>5,031,882</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding (CIFG), 4.50%, 8/01/28</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>2,670,840</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Various Purpose, 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>3,078,810</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Various Purpose, 5.00%, 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>4,280,936</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Various Purpose, 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>3,205,109</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Various Purpose (CIFG), 5.00%, 3/01/33</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>4,691,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California, RB, Limited Project, 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>3,984,036</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>57,730,967</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; 2.5%</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>City of Colorado Springs Colorado, RB, Subordinate Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Improvement, Series C (FSA), 5.00%, 11/15/45</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,030</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,041,742</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, RB, Series B (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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</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>1,752,730</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Healthcare, Series A, 5.00%, 7/01/39 (d)</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>2,823,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>5,617,742</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; 0.7%</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>Mashantucket Western Pequot Tribe, RB, 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>1,571,910</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; 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>District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Asset-Backed Bonds, 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>4,675,643</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; 12.1%</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>County of Miami-Dade Florida, RB, CAB, Sub-Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(MBIA) (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>5.20%, 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>899,629</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>792,640</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>846,155</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>863,850</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>1,578,800</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>1,467,500</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="33%"></TD>
     <TD width="5%"></TD>
     <TD width="26%"></TD>
     <TD width="6%"></TD>
     <TD width="24%"></TD>
     <TD width="2%"></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>
     <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 each</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>ACA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Capital Access Corp.</FONT>&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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s Schedule of Investments, the names and</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>AGC</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assured Guaranty Corp.</FONT>&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>&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>AMBAC</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Municipal Bond Assurance Corp.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>abbreviated according to the following list:</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>IDB</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Industrial Development Board</FONT>&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>ARB</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Airport Revenue Bonds</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>ISD</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Independent School District</FONT>&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>CAB</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>MBIA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Bond Investors Assurance</FONT>&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>CIFG</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CDC IXIS Financial Guaranty</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(National Public Finance Guaranty Corp.)</FONT>&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>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>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>
     <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>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>RB</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Revenue Bonds</FONT>&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>FGIC</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Guaranty Insurance Co.</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>
     <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>FNMA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Federal National Mortgage Association</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>SO</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Obligation</FONT>&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>FSA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial Security Assurance Inc.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>TAN</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tax Anticipation Notes</FONT>&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>GNMA</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Government National Mortgage Association</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>
     <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>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>&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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_13"></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="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>County of Orange Florida, Refunding RB (Syncora),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 10/01/32</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>$ 4,790,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fishhawk Community Development District II, TAN,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, 6.13%, 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>1,696,992</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hillsborough County IDA, RB, National Gypsum, 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>AMT, 7.13%, 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>2,551,409</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mount Sinai Medical Center Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,960</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,972,270</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, 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>RB, Sub-Series B, 5.70%, 10/01/38</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>2,619,635</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village Community Development District No. 6, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assessment, 5.63%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,205</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,659,365</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>26,739,195</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; 1.5%</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>City of Atlanta Georgia, RB (FSA), 5.00%, 11/01/34</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>1,466,505</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Milledgeville &amp; Baldwin County 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>RB, Georgia College &amp; State University Foundation,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 9/01/14 (c)</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>1,799,850</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>3,266,355</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Hawaii &#151; 1.1%</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>Hawaii State Department of Budget &amp; 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>Refunding RB, Hawaiian Electric Co. Inc., Series D, 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>(AMBAC), 6.15%, 1/01/20</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>2,506,150</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; 1.7%</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>Idaho Health Facilities Authority, RB, Trinity Health Group,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, 6.25%, 12/01/33</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>2,704,975</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Idaho Housing &amp; Finance Association, RB, Grant &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Anticipation, Federal Highway Trust, 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>5.00%, 7/15/27</FONT>&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>956,124</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,661,099</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; 7.4%</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>CenterPoint Intermodal Center Program Trust, 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, 10.00%, 6/15/23 (e)</FONT>&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>1,010,035</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago Public Building Commission Building, Illinois, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A (MBIA), 7.00%, 1/01/20 (f)</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>6,435,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Finance Authority, RB:</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 Schaumburg, 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>5.63%, 2/15/37</FONT>&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>272,923</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Rush University Medical Center, Series 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>6.63%, 11/01/39</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>1,294,272</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MJH Education Assistance IV, Sub-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>5.38%, 6/01/35 (g)(h)</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>49,700</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. Facilities, 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>7.00%, 12/01/37</FONT>&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>577,500</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, 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>5.50%, 8/15/14 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,800</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,710,890</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,351,170</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Iowa &#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>Iowa Finance Authority, RB, Series A (AGC),</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>5.63%, 8/15/37</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,600</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,704,796</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; 4.0%</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>Kentucky Economic Development 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>Kentucky, RB:</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>Louisville Arena, Sub-Series A-1 (AGC),</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>6.00%, 12/01/38</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>741,832</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Norton Healthcare Inc., Series B (MBIA),</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>6.19%, 10/01/23 (a)</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>5,623,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Louisville, Jefferson County Metropolitan Government,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Jewish Hospital 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>6.13%, 2/01/37</FONT>&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>2,351,160</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,716,012</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>Maryland &#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>Maryland Community Development Administration, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Residential, Series A, AMT, 4.80%, 9/01/42</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>$ 2,280,325</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; 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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Building Authority, Refunding RB, Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Program, Series I, 6.25%, 10/15/38</FONT>&nbsp;</TD>
     <TD align=left>&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>2,021,475</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, Michigan,</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 RB, Henry Ford Health System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 11/15/46</FONT>&nbsp;</TD>
     <TD align=left>&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>1,448,458</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Hospital Finance Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital, Henry Ford Health, 5.75%, 11/15/39 (d)</FONT>&nbsp;</TD>
     <TD align=left>&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>3,940,051</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Royal Oak Hospital Finance Authority, Michigan, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>William Beaumont Hospital, 8.25%, 9/01/39</FONT>&nbsp;</TD>
     <TD align=left>&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>3,193,823</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>10,603,807</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; 1.8%</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>City of Minneapolis Minnesota, RB, Fairview 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>Services, Series B (AGC), 6.50%, 11/15/38</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>3,940,405</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; 3.7%</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>Mississippi Development Bank SO, RB (AGC):</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=right><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>2,761,811</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jones Co. Junior College, 5.13%, 3/01/39</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>1,498,755</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Southern Mississippi, RB, Campus Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Improvement Project, 5.38%, 9/01/36</FONT>&nbsp;</TD>
     <TD align=left>&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>3,956,363</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>8,216,929</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; 1.1%</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 Joint Municipal Electric Utility Commission, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Plum Point Project (MBIA), 4.60%, 1/01/36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,820</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,320,465</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; 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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (e)(i)</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>7,274,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (e)(i)</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>2,799,920</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,073,970</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; 1.0%</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>Omaha Public Power District, RB, System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>2,265</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,234,649</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; 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>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School, Nevada Project, 5.00%, 5/15/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,065</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,039,035</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; 6.9%</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>Middlesex County Improvement Authority, RB, Heldrich</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 Hotel, Sub-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>1,510</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>277,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cigarette Tax, 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>7,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,736,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Motor Vehicle Surcharge, Series A (MBIA),</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>5.00%, 7/01/27</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>1,164,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey Educational Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Medical &amp; Dentistry, Series B:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.13%, 12/01/23</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>1,069,805</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=left>&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>1,379,289</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey Health Care Facilities Financing Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virtual Health (AGC), 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>2,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,323,057</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey State Housing &amp; Mortgage 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>RB, Series AA, 6.50%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,165</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,265,004</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Medicine &amp; Dentistry of New Jersey,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey, RB, Series A (AMBAC), 5.50%, 12/01/27</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>1,003,600</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>15,220,055</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; 8.7%</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>Albany Industrial Development Agency, RB, New Covenant</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter School Project, Series A, 7.00%, 5/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD 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>459,374</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hudson Yards Infrastructure Corp., RB, Series A (FGIC),</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>5.00%, 2/15/47</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>1,272,642</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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12 SEMI-ANNUAL REPORT OCTOBER 31, 2009</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=-->
<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="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 (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>Long Island Power Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>General, Series C (CIFG), 5.25%, 9/01/29</FONT>&nbsp;</TD>
     <TD colSpan=2 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>$ 2,162,380</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, 6.25%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=left>&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>548,650</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, 5.75%, 4/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,475</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,652,928</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City Industrial Development Agency, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Airlines, JFK International Airport, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.63%, 8/01/25</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>2,499,614</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Queens Baseball Stadium, PILOT (AGC),</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>6.50%, 1/01/46</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>1,256,607</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 Corp., RB, Goldman Sachs</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,956,680</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, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.83%, 7/01/39 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,825</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,448,429</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rochester Institute Technology, 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>6.00%, 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>1,775,085</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Rochester, Series A, 5.13%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>564,091</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Yeshiva University, 5.00%, 9/01/38</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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>506,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Port Authority of New York &amp; New Jersey, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Consolidated, 152nd, AMT, 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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,062,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of New York, GO, Series A, 5.00%, 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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>986,414</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>19,152,664</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 Industrial Facilities &amp; Pollution Control</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financing Authority, North Carolina, RB, Exempt</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, National Gypsum 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;<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>1,432,981</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, North</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>Carolina, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Health System, Series D, 6.25%, 12/01/33</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>1,908,077</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>WakeMed, Series A (AGC), 5.88%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,042,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,383,178</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; 6.8%</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>County of Cuyahoga Ohio, Refunding RB, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 1/01/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD 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>3,766,170</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 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>5,382,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Montgomery Ohio, Refunding RB, Catholic</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Healthcare, Series A, 5.00%, 5/01/39 (d)</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>2,836,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kent State University, RB, Series B (AGC), 4.25%, 5/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,486,852</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio Air Quality Development Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pollution, Dayton, Series B (FGIC), 4.80%, 1/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>400</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>407,688</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>14,879,300</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tulsa Municipal Airport Trust Trustees, Oklahoma,</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 RB, Series A, AMT, 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>2,763,642</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Oregon &#151; 1.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Oregon Health &amp; Science University, RB, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 7/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>2,349,877</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; 5.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware River Port Authority, RB, 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 (FSA), 5.70%, 1/01/22</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>2,004,580</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>McKeesport Area School District, GO, CAB (FGIC) (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>662,149</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 (f)</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>319,681</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>RB, AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amtrak Project, Series A, 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>2,017,440</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, Series A, 6.38%, 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>3,132,364</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reliant Energy, Series A-12-22-04, 6.75%, 12/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,645</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,741,941</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>12,878,155</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>Puerto Rico &#151; 4.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Electric Power Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series UU (FSA), 5.00%, 7/01/23</FONT>&nbsp;</TD>
     <TD colSpan=2 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>$ 2,989,204</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico HFA, RB, Subordinate, Capital Fund</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>Modernization, 5.13%, 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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,495,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Sales Tax Financing Corp., RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, Series A (MBIA), 5.78%, 8/01/41 (a)</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>1,149,075</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>First Sub-Series A, 5.75%, 8/01/37</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,103,800</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>9,737,579</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; 3.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rhode Island Health &amp; Educational Building Corp., RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital, 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; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financing, Obligation, Series A (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 5/15/39</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>3,488,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(MBIA), 5.50%, 5/15/16</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>200,188</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rhode Island Housing &amp; Mortgage Finance Corp.,</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>Rhode Island, RB, Homeownership Opportunity,</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 54, AMT, 4.85%, 10/01/41</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,165</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,957,311</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rhode Island State &amp; Providence Plantations, COP,</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>Series C, School For the Deaf (AGC), 5.38%, 4/01/28</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,330</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,393,507</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>7,039,946</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; 5.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs-EDA, RB, Palmetto Health, 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>6.88%, 8/01/13 (c)</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>4,709,231</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, Refunding RB, Palmetto 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>Alliance, 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>2,216,748</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina State Housing Finance &amp; Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, South Carolina, RB, Series A-2, AMT (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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%, 7/01/37</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,824,805</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,750,784</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; 3.2%</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>Memphis-Shelby County Airport Authority, RB, Series D,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT (AMBAC), 6.00%, 3/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,865</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,905,477</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Memphis-Shelby County Sports Authority Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Memphis Arena Project, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 11/01/27</FONT>&nbsp;</TD>
     <TD align=left>&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>1,131,073</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.38%, 11/01/28</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>1,004,990</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>7,041,540</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; 9.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County Health Facilities Development Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Memorial Hermann Healthcare 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>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>7.13%, 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>1,118,720</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>2,961,905</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, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, Senior Lien, Series A (MBIA), 6.17%, 11/15/38 (a)</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>607,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lower Colorado River Authority, Refunding RB &amp;</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 (MBIA), 5.00%, 5/15/13 (c)</FONT>&nbsp;</TD>
     <TD align=left>&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>22,392</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lower Colorado River Authority, Refunding RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(AMBAC), 4.75%, 5/15/36</FONT>&nbsp;</TD>
     <TD align=left>&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>3,408,024</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 (MBIA), 5.00%, 5/15/13 (c)</FONT>&nbsp;</TD>
     <TD align=left>&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>5,598</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Matagorda County Navigation District No. 1, Texas,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Central Power &amp; Light Co. Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.30%, 11/01/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,355,188</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Antonio Energy Acquisition Public Facility Corp., RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gas Supply, 5.50%, 8/01/24</FONT>&nbsp;</TD>
     <TD align=left>&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>2,575,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, RB (AMBAC):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, 6.05%, 8/15/31 (a)</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>3,745,050</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, 5.00%, 8/15/42</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,325</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,012,882</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>19,812,784</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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 13</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=-->
<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>Virginia &#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>Tobacco Settlement Financing Corp., Virginia, RB, Senior,</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 B-1, 5.00%, 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>$ 1,975,567</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>County of King Washington, Refunding RB (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 1/01/36</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>203,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington Health Care Facilities Authority, Washington,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, MultiCare Health System, Series B (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 8/15/39</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>2,214,912</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>2,418,832</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>West Virginia &#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>West Virginia Hospital Finance Authority, West Virginia,</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 RB, Series A, 5.63%, 9/01/32</FONT>&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>1,470,585</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; 2.0%</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>Wisconsin Health &amp; Educational Facilities Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aurora Health Care, 6.40%, 4/15/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,220</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,279,634</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin Housing EDA, Wisconsin, RB, Series A, 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>4.75%, 9/01/33</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>1,160,675</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,440,309</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; 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>County of Sweetwater, Wyoming, Refunding RB, Idaho</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Co. Project, 5.25%, 7/15/26</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>1,862,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wyoming Community Development Authority, Wyoming,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Series 3, AMT, 4.75%, 12/01/37</FONT>&nbsp;</TD>
     <TD 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>1,953,151</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,815,971</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; 151.9%</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>334,712,349</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 (j)</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; 2.4%</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, RB, Catholic 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>Series C7 (FSA), 5.00%, 9/01/36</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>5,293,418</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; 1.5%</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>Chicago New Public Housing Authority, Illinois,</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 RB (FSA), 5.00%, 7/01/24</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>3,275,453</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 Water Resources Authority, Refunding RB,</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>Generation, Series A, 5.00%, 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>3,111,906</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; 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>New York City Municipal Water Finance Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fiscal 2009, Series A, 5.75%, 6/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>810</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>877,775</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series FF-2, 5.50%, 6/15/40</FONT>&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>760,787</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, RB, 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>University, Series A, 5.00%, 7/01/38</FONT>&nbsp;</TD>
     <TD 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>3,439,548</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>5,078,110</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; 2.0%</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>County of Montgomery, Ohio, RB, Catholic Health,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C-1 (FSA), 5.00%, 10/01/41</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>1,728,934</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Ohio State Higher Educational Facility 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>Refunding RB, Hospital Cleveland Clinic 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>Series A, 5.25%, 1/01/33</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>2,674,594</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,403,528</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; 9.6%</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>21,162,415</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; $364,664,985) &#151; 161.5%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>355,874,764</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="61%"></TD>
     <TD width="20%"></TD>
     <TD width="2%"></TD>
     <TD width="4%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund, 0.23% (k)(l)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,700,551</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,700,551</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>
     <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; $6,700,551) &#151; 3.1%</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=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,700,551</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $371,365,536*) &#151; 164.6%</FONT></B>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>362,575,315</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; (2.3)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,116,260)</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>
     <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; (5.1)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(11,148,737)</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; (57.2)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(125,957,367)</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" colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$220,352,951</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of October 31,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 359,617,413</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13,767,103</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(21,946,602)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (8,179,499)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</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 colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) Represents a step-up bond that pays an initial coupon rate for the first period and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>yield as of report date.</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 colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) US government securities, held in escrow, are used to pay interest on this security as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=right><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 to par.</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>(d) When-issued security.</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>&nbsp;</TD>
     <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>Unrealized</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Counterparty</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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Depreciation</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Citibank NA</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$3,940,051</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (27,578)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Morgan Stanley Capital Services Inc.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$5,659,860</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (115,920)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</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 colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) Security is collateralized by Municipal or US Treasury Obligations.</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>(g) Issuer filed for bankruptcy and/or is in default of interest payments.</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>(h) Non-income producing security.</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 colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) Securities represent bonds transferred to a tender option bond trust in exchange for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&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=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; &nbsp; &nbsp; &nbsp;<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;</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>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>$(4,699,449)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16,128</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(l) Represents the current yield as of report date.</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=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See Notes to Financial Statements.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14 SEMI-ANNUAL REPORT OCTOBER 31, 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=2 face=Frutiger-Roman,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fair Value Measurements &#151; Various inputs are used in determining the fair value of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments, which are as follows:</FONT><BR>
<FONT size=2 face=Frutiger-Roman,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 assets and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>liabilities</FONT><BR>
<FONT size=2 face=Frutiger-Roman,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 or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>default rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=2 face=Frutiger-Roman,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>circumstances, 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 October 31, 2009 in deter-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="80%"></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>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>Valuation 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 &#151; Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,700,551</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; Long-Term Investments</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>355,874,764</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>$362,575,315</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>See above Schedule of Investments for values in each state or</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>political subdivision.</FONT>&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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 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>October 31, 2009 (Unaudited) </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>Arizona &#151; 5.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Phoenix &amp; Pima County IDA, RB, Series 2007-1, 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>(GNMA), 5.25%, 8/01/38</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,456</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,473,244</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County IDA, RB, American Charter Schools</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>Foundation, Series A, 5.63%, 7/01/38</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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,337,815</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County IDA, RB, Arizona Charter Schools 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 O, 5.25%, 7/01/31</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>722,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corp., RB, Senior:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=left>&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>1,654,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,590</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,203,054</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>7,391,353</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; 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>California HFA, RB, Home Mortgage, 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 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>2,825</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,765,590</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,025,752</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Health Facilities Financing Authority, RB, 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>California, Catholic Healthcare West, 6.00%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>680</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>710,878</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cedars-Sinai Medical Center, 5.00%, 8/15/39</FONT>&nbsp;</TD>
     <TD align=left>&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>599,733</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Saint Joseph Health System, 5.75%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>385</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>399,125</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California State, GO, Refunding, 4.50%, 10/01/36</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>1,681,260</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, RB, Senior Living Southern California</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Presbyterian Homes:</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%, 11/15/19</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>1,060,420</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.63%, 11/15/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>540</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>571,007</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Francisco City &amp; County Public Utilities Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Series B, 5.00%, 11/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,225</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,273,214</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of California, GO, Various Purpose, 6.50%, 4/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT 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>2,210,420</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>14,297,399</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; 1.1%</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>Colorado Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Catholic Healthcare, Series A, 5.50%, 7/01/34 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>865</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>814,043</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Range Metropolitan District No. 2, GO, Limited Tax,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 12/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT 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>818,964</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>1,633,007</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; 7.8%</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>District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Asset Backed 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>6.25%, 5/15/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,395</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,403,578</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,373,219</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metroplitan Washington DC Airports Authority Dulles</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>Toll Road RB, First 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; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>169,810</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%, 10/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>270</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>276,809</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>11,223,416</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; 3.2%</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>Orange County Health Facilities Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1st Mortgage, Orlando Lutheran Tower, 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>862,109</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sarasota County Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village On The Isle Project, 5.50%, 1/01/32</FONT>&nbsp;</TD>
     <TD align=left>&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>383,848</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sumter Landing Community Development District, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Sub-Series B, 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>1,415</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,019,748</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tolomato Community Development District, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assessment, 6.65%, 5/01/40</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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,332,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Watergrass Community Development District, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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 A, 5.38%, 5/01/39</FONT>&nbsp;</TD>
     <TD align=left>&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>928,201</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,526,741</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Rockdale County Development Authority, RB, Visy Paper</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, AMT, 6.13%, 1/01/34</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>1,283,968</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=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 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Guam &#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>Territory of Guam, GO, 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>6.00%, 11/15/19</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>$ 208,258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.75%, 11/15/29</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>365</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>390,528</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 11/15/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>375</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>405,315</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>1,004,101</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; 0.2%</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>Illinois Finance Authority, RB, Monarch Landing 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>Facilities, Series A, 7.00%, 12/01/37 (b)(c)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>580</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>290,000</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; 3.1%</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>Delaware County Hospital Authority, Indiana, RB, Cardinal</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System Obligation Group, 5.25%, 8/01/36</FONT>&nbsp;</TD>
     <TD align=right><FONT 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>1,597,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Finance Authority Hospital, RB, Parkview 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>Systems, Refunding, Series A, 5.75%, 5/01/31</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>1,120,141</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Finance Authority, RB, Sisters of St. Francis</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, 5.25%, 11/01/39 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>290</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>281,062</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Finance Authority Refunding RB, Duke 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>Series C, 4.95%, 10/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,165</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,110,758</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Municipal Power Agency, Indiana, RB, Indiana</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Muni Power Agency Series B, 6.00%, 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>375,463</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,484,784</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>City of Lenexa Kansas, Refunding RB &amp; Improvement,</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%, 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>465,186</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; 1.3%</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>Louisiana Local Government Environmental Facilities &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, RB, Westlake</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>Chemical Corp. Projects, 6.75%, 11/01/32</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>1,916,840</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland Health &amp; Higher Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, King Farm Presbyterian Community, 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>5.00%, 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>875</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>790,396</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; 2.2%</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>City of Detroit Michigan, RB, Senior Lien, Series B (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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%, 7/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>560</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>691,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Garden City Hospital Finance Authority, Michigan,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 RB, Garden City Hospital 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>Series A, 5.00%, 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>889,504</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Royal Oak Hospital Finance Authority, Michigan, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>William Beaumont 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>1,625,946</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,206,938</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; 0.4%</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>Two Rivers Authority, RB, Senior Lien (b)(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>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>232,395</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.38%, 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>402,844</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>635,239</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; 1.8%</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>New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,670</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,548,515</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; 8.0%</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>Nassau County Tobacco Settlement Corp., RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, Senior Convertible, 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>5.25%, 6/01/26 (d)</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>1,391,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York City Industrial Development Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Airlines, JFK International Airport, 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>7.63%, 8/01/25</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>7,306,564</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York Liberty Development Corp., RB, Goldman Sachs</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Headquarters, 5.25%, 10/01/35</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>740</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>723,972</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, RB, 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>University, Series A, 5.25%, 7/01/48</FONT>&nbsp;</TD>
     <TD 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>2,050,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,472,726</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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16 SEMI-ANNUAL REPORT OCTOBER 31, 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_18"></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 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="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=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 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>North Carolina &#151; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina Eastern Municipal Power Agency,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina, RB, Series B, 5.00%, 1/01/26</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 779,031</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, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Duke University Health System, Series A (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>5.00%, 6/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>217,644</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 6/01/42</FONT>&nbsp;</TD>
     <TD align=left>&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>470,894</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina Municipal Power Agency, RB, Number 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>Catawba, North Carolina, Series A, 5.00%, 1/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>365</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>368,183</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,835,752</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; 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>County of Montgomery Ohio, Refunding RB, Catholic</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Healthcare, Series A, 5.00%, 5/01/39 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>865</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>817,883</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; 3.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny County Hospital Development Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System, West Pennsylvania, 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>5.38%, 11/15/40</FONT>&nbsp;</TD>
     <TD align=left>&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>1,598,896</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, RB, 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>5.00%, 11/15/40 (a)</FONT>&nbsp;</TD>
     <TD align=left>&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>645,522</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, RB, Series 97A, AMT, 4.60%, 10/01/27</FONT>&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>422,046</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Higher Educational Facilities Authority, RB,</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>Allegheny Delaware Valley Obligation, Series A (MBIA):</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>5.88%, 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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,190,527</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.88%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,810</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,449,104</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,306,095</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; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Sales Tax Financing Corp., RB, First</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series A, 6.50%, 8/01/44</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>1,705</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,843,958</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; 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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs-EDA, RB, Senior Lien, Burroughs &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chapin, Series A (Radian), 4.70%, 4/01/35</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>1,890,875</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, Refunding RB, First 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>Lutheran Homes:</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%, 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>500,892</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.63%, 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>785,250</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, Refunding RB, Palmetto Health:</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%, 8/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>565</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>558,254</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%, 8/01/39</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>219,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,954,311</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; 0.5%</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>South Dakota Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Dakota, RB, Sanford Health, 5.50%, 11/01/40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>680</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>690,982</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; 4.0%</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>Brazos River Authority, Refunding RB, TXU Electric Co.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>894,345</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</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>202,646</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>HFDC of Central Texas Inc., RB, Village at Gleannloch</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Farms, Series A, 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>929,994</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Houston Texas Airport Systems, Refunding ARB,</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>Senior Lien, Series A, 5.50%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>510</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>528,992</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Matagorda County Navigation District No. 1, Texas,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Central Power &amp; Light Co. Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.30%, 11/01/29</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>749,378</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, Refunding RB, Second Tier,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 F, 6.13%, 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>2,378,348</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>5,683,703</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Utah &#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>City of Riverton Utah, RB, IHC Health Services Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 8/15/41 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>955</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>925,376</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>Vermont &#151; 2.0%</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>Vermont HFA, Vermont, RB, Series 27, AMT (FSA),</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>4.90%, 5/01/38</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,020</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,818,204</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; 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>Fairfax County EDA, RB, Goodwin House 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>5.13%, 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>718,165</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Peninsula Ports Authority, Refunding RB, Virginia Baptist</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Homes, Series C, 5.38%, 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>1,620,034</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>Special Assessment, Reynolds Crossing 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>5.10%, 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>923,870</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,262,069</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; 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>Wisconsin Health &amp; 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>RB, Ascension Health Senior Credit, 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>5.00%, 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>5,401,154</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; 0.8%</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>County of Sweetwater, Wyoming, Refunding RB, Idaho</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Co. Project, 5.25%, 7/15/26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,030</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,065,947</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wyoming Municipal Power Agency, Wyoming, RB, 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>5.00%, 1/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>95,980</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>1,161,927</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; 70.4%</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>100,872,023</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 (e)</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; 14.7%</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>Bay Area Toll Authority, RB, San Francisco Bay Area,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 F-1, 5.63%, 4/01/44</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,085</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,168,501</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Educational Facilities Authority, RB, University 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>Southern California, Series A, 5.25%, 10/01/18</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>879,931</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Golden State Tobacco Securitization Corp., 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>Custodial Receipts, Series 1271, 5.00%, 6/01/45</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>4,281,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Diego Community College District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>545</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>572,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California, RB, Series B (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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>15,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,171,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>21,073,240</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; 0.5%</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, Refunding RB,</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 Healthcare, Series A, 5.00%, 7/01/39 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>735</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>748,737</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; 0.8%</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>Metropolitan Atlanta Rapid Transit Authority, RB,</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>3rd Series, 5.00%, 7/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,190</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,215,549</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; 10.5%</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>City of Chicago Illinois Custodial Receipts, Series 1284,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>14,998,950</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; 9.6%</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 Redevelopment Authority, RB, Performing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Arts Center:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><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>7,109,548</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>6,674,752</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>13,784,300</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; 8.3%</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>Massachusetts HFA, Massachusetts, RB, 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>Series D, AMT, 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>11,906,806</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; 3.5%</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>Omaha Public Power District, RB, System, Sub-Series B</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(MBIA), 4.75%, 2/01/36</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>4,955,200</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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 17</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_19"></A>
<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="62%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="16%"></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=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 (e)</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 Hampshire &#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>New Hampshire Health &amp; 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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Dartmouth College, 5.25%, 6/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 660 $</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>706,134</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; 14.4%</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>New York City Municipal Water Finance Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series D, 5.00%, 6/15/39</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>7,628,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series FF-2, 5.50%, 6/15/40</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>541,975</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, RB, Education,</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, 5.75%, 3/15/36</FONT>&nbsp;</TD>
     <TD align=left>&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>12,424,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,594,275</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; 10.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of North Carolina at Chapel Hill, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>General, Series A, 4.75%, 12/01/34</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>15,377,374</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of Ohio, Refunding RB, Cleveland Clinic Health,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.50%, 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>4,630</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,777,651</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; 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>South Carolina State Housing Finance &amp; Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority South Carolina, RB, 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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.55%, 7/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>3,062,910</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 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Harris Texas, RB, Senior Lien, 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>Series A, 5.00%, 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>2,191,344</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Caney ISD, Texas, GO, School 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>5.00%, 2/15/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD 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>9,417,912</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>11,609,256</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Froedtert &amp; Community Health Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 4/01/39</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>1,990</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,954,797</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>
     <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; 88.5%</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>126,765,179</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; $243,267,919) &#151; 158.9%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>227,637,202</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=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" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund, 0.23% (f)(g)</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>2,200,175</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,200,175</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; $2,200,175) &#151; 1.6%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,200,175</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; $245,468,094*) &#151; 160.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>229,837,377</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; (1.3)%</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>(1,631,347)</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>
     <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; (59.2)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(85,005,873)</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$143,200,157</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of October 31,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$160,453,848</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,670,216</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,001,687)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (15,331,471)</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>(a) When-issued security.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Unrealized</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Counterparty</FONT></B>&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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Depreciation</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Citibank NA</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 688,538</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (4,343)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>JPMorgan Securities, Inc.</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 925,376</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (14,602)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jeffries &amp; Co.</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 645,522</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (10,842)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Merrill Lynch &amp; Co.</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 281,062</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (415)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Morgan Stanley Capital Services, Inc.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$2,380,663</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (38,988)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) Non-income producing security.</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) 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>(e) 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>(f) 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="60%"></TD>
     <TD width="19%"></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>&nbsp; &nbsp; &nbsp;<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>&nbsp; &nbsp; &nbsp;<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>$799,990</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,862</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Represents the current yield as of report date.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=Frutiger-Roman,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fair Value Measurements &#151; Various inputs are used in determining the fair value of</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments, which are as follows:</FONT><BR>
<FONT size=2 face=Frutiger-Roman,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 assets</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and liabilities</FONT><BR>
<FONT size=2 face=Frutiger-Roman,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 or liabilities in markets that are not active, inputs other than</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>quoted prices that are observable for the assets or liabilities (such as interest</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>default rates) or other market-corroborated inputs)</FONT><BR>
<FONT size=2 face=Frutiger-Roman,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>circumstances, 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 October 31, 2009 in deter-</FONT><BR>
<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="79%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>Valuation 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 &#151; Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,200,175</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; Long-Term Investments</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>227,637,202</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 229,837,377</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>See above Schedule of Investments for values in each state or</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>political subdivision.</FONT>&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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>18 SEMI-ANNUAL REPORT OCTOBER 31, 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>October 31, 2009 (Unaudited) </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="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>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 IDB, Alabama, Refunding RB, International</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>Paper Co. Projects, 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>$ 1,137,005</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; 3.5%</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>Phoenix Civic Improvement Corp., RB, Junior 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>Series A, 5.00%, 7/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,203,986</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County IDA, Refunding RB, Tucson Electric</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Co., San Juan, Series A, 4.95%, 10/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,015</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,017,172</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Salt Verde Financial Corp., RB, Senior:</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>5.00%, 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>1,458,015</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>973,500</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>9,652,673</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; 19.4%</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>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>RB, John Muir Health, Series A, 5.00%, 8/15/22</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>7,193,326</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foothill Eastern Transportation Corridor Agency, 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>Refunding RB, CAB (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>5.95%, 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>5,774,625</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.86%, 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>4,312,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Golden State Tobacco Securitization Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, RB (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>Enhanced, Asset Backed, Series B, 5.38%, 6/01/28</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>4,115,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 2003-A-1, 6.75%, 6/01/39</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>14,042,572</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 2003-A-1, 6.63%, 6/01/40</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>3,494,760</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, 7.88%, 6/01/42</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>1,175,821</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, 7.88%, 6/01/42</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>1,772,776</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles Unified School District, California, 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, 5.00%, 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>4,090,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Riverside County Asset Leasing Corp., 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>RB, Riverside County Hospital Project (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.74%, 6/01/25 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,865</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,765,222</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of California, GO, Various Purpose,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 11/01/22</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>5,039,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>53,776,502</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; 1.8%</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>E-470 Public Highway Authority, Colorado, RB, CAB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, Series B (MBIA), 5.50%, 9/01/22 (a)</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>1,997,865</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, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, Limited Tax Property Tax, 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>2,855,880</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,853,745</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, RB, Friendship Public Charter</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Inc. (ACA):</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>2,533,994</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>2,738,635</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 Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Asset Backed Bonds, 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>3,973,354</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Washington Airports Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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-2, AMT (FSA), 5.00%, 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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,019,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,265,233</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; 11.6%</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>Bellalago Educational Facilities Benefit District, 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 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>3,660,736</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Broward County School Board, Florida, 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>(FSA), 5.25%, 7/01/22</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>1,312,937</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Jacksonville Florida, RB, Better Jacksonville,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>5,474,141</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,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, Capital 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>6.10%, 5/01/24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,860</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,310,992</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>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>Habitat Community Development District, 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, 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>$ 3,007,454</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mount Sinai Medical Center Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,470</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,485,462</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, 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 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>3,272,525</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, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.30%, 11/01/10</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>242,347</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>Special Assessment, Series B, 6.38%, 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>2,860,536</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village Community Development District No. 5, 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, Series A, 6.00%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,560</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,560,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Westchester Community Development District No. 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>Special Assessment, Community 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>6.00%, 5/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,140</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,975,276</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>32,162,406</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; 0.8%</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>Richmond County Development Authority, RB, 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>Environmental, AMT, 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>2,216,826</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; 13.0%</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>CenterPoint Intermodal Center Program Trust, 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, 10.00%, 6/15/23 (c)</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>1,133,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Chicago Illinois, RB, General Airport Third 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>Series A (AMBAC):</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>5.00%, 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>5,220,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>7,278,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Educational Facilities Authority, RB, Northwestern</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, 5.00%, 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>5,070,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Finance Authority, RB:</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>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>5,084,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MJH Education Assistance IV, Senior 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>5.50%, 6/01/19 (d)(e)</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>1,625,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MJH Education Assistance IV, Sub-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>5.00%, 6/01/24 (d)(e)</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>76,325</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, RB, 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>Series A (FSA), 5.00%, 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>2,425,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lake Cook-Dane &amp; McHenry Counties Community Unit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 District 220, Illinois, GO, Refunding (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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%, 12/01/20</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>1,162,220</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Pier &amp; 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>Refunding RB, CAB, McCormick, Series A (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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%, 6/15/22 (a)</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>7,135,052</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>36,211,642</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; 5.6%</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>City of Lawrence Indiana, Refunding RB, 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>Pinnacle Apartments Project, AMT (FNMA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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</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>2,001,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indianapolis Airport Authority, Refunding RB, 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>Facilities, Federal Express Corp. 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>5.10%, 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>9,898,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Vincennes Indiana, Refunding RB &amp; 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>Southwest Indiana Regional, 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>3,600,505</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,500,185</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; 2.2%</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>Kansas Development Finance Authority, RB, 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, 5.25%, 11/15/20</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>2,629,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wyandotte County-Kansas City Unified Government,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Kansas International Speedway (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.20%, 12/01/20 (a)</FONT>&nbsp;</TD>
     <TD 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>3,457,443</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>6,086,893</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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 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="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>Kentucky &#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>Kentucky Housing Corp., RB, Series C, 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>4.63%, 7/01/22</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>$ 1,989,460</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; 0.7%</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>Parish of DeSoto Louisiana, RB, Series A, 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>5.85%, 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>2,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,908,040</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; 4.5%</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>County of Frederick Maryland, Special Tax, Urbana</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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:</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>6.63%, 7/01/25</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>2,796,540</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,453</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,061,759</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland Health &amp; Higher Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, MedStar Health, 5.38%, 8/15/24</FONT>&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>5,659,610</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,517,909</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; 1.7%</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>Massachusetts Development Finance Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Waste Management Inc. Project, AMT, 5.45%, 6/01/14</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>4,694,130</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, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MWRA Program, Sub-Series A, 6.00%, 8/01/23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>140</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>141,931</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,836,061</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; 1.6%</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>Michigan State Hospital Finance Authority, Michigan,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 RB, Hospital, Sparrow 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>4.50%, 11/15/26</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>1,375,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of Michigan, Refunding RB (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>5.00%, 11/01/20</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>1,069,180</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 11/01/21</FONT>&nbsp;</TD>
     <TD 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>2,119,860</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,564,915</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Minnesota Higher 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>Minnesota, RB, University Saint Thomas, Series Five,</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>Y, 5.00%, 10/01/24</FONT>&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>1,293,988</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; 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>County of Warren Mississippi, RB, Series A, 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>5.85%, 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>3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,862,060</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; 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>Missouri Development Finance Board, Missouri, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Branson Landing Project, Series A, 5.50%, 12/01/24</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>5,013,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri State Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri, RB, BJC 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>5.00%, 5/15/20</FONT>&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>5,679,740</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>10,693,540</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; 7.7%</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>Charter Mac Equity Issuer Trust (c)(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>5.75%, 5/15/15</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>1,021,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 5/15/15</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>4,128,960</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 5/15/19</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>2,573,275</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%, 5/15/19</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>2,585,250</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 (c)(g)(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>5.40%</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>3,258,400</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=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>3,249,500</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=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>1,099,180</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></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.50%, 12/01/16 (c)</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>3,539,320</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21,455,475</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; 2.1%</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>City of Henderson Nevada, Special Assessment,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>No. T-18, 5.15%, 9/01/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>792,626</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Clark Nevada, Refunding RB, Alexander</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dawson School, Nevada Project, 5.00%, 5/15/20</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>5,117,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>5,910,076</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>New Hampshire &#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>New Hampshire Business 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>Refunding RB, Public Service Co. New Hampshire</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, AMT (MBIA), 4.75%, 5/01/21</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>$ 9,581,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Elliot Hospital, Series B, 5.60%, 10/01/22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,755</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,819,763</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>14,401,263</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; 13.3%</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>Middlesex County Improvement Authority, RB, Street</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Student Housing Project, Series A, 5.00%, 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>1,026,470</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, RB:</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>Cigarette Tax, 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>9,545,000</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, 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>7.00%, 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>4,642,800</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, 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>9.00%, 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>1,565,640</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kapkowski Road Landfill, Series B, 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>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>5,908,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Refunding RB, First 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>Winchester, 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>1,010,260</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey Educational Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Medical &amp; Dentistry, 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>6.25%, 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>2,680,550</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>RB, Capital Health System Obligation Group, 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>5.75%, 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>4,541,720</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>Refunding RB, AtlantiCare Regional Medical Center,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>2,183,196</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey State Housing &amp; Mortgage Finance Agency,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, S/F Housing, Series T, AMT, 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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,468,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Newark Housing Authority, RB, South Ward Police Facility</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(AGC), 5.00%, 12/01/21</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>1,314,262</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>36,887,373</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; 8.5%</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 Industrial Development Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Airlines, JFK International Airport, 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>7.63%, 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>5,417,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>4,826,350</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 &amp; 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, RB, Brooklyn Union Gas, Keyspan, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT (FGIC), 4.70%, 2/01/24</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>8,182,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tobacco Settlement Financing Corp., New York, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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-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>5,270,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>23,697,183</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; 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>North Carolina Eastern Municipal Power Agency,</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>North Carolina, RB, Series B, 5.00%, 1/01/21</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,550</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,598,205</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; 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>American Municipal Power-Ohio Inc., RB, Prairie 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>Energy Campus Project, Series A, 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>5,338,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Cuyahoga Ohio, Refunding RB, 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>6.00%, 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>3,248,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 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>10,806,800</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>RB, Facilities, Series A, 6.00%, 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>832,787</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>20,226,847</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 Municipal Airport Trust Trustees, Oklahoma,</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 RB, Series A, AMT, 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>3,192,483</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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>20 SEMI-ANNUAL REPORT OCTOBER 31, 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="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>Pennsylvania &#151; 6.2%</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>Lancaster County Hospital Authority, RB, 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>Hospital Project, 5.75%, 3/15/20 (b)</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>$ 8,588,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County IDA, Pennsylvania, RB, 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>Whitemarsh Continuing Care, 6.00%, 2/01/21</FONT>&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>989,795</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Higher Educational Facilities Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>La Salle 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>6,531,303</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Turnpike Commission, RB, Sub-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>(AGC), 5.00%, 6/01/22</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>1,053,280</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>17,162,778</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; 4.9%</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>Commonwealth of Puerto Rico, GO, Public Improvement,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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=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>3,395,040</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, RB, Series NN,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.13%, 7/01/13 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,184,490</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>13,579,530</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tennessee Energy Acquisition Corp., Tennessee, RB,</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, 5.25%, 9/01/20</FONT>&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>9,821,100</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; 9.9%</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>Brazos River Authority, Refunding RB, TXU Energy Co. 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>Project, Series A, AMT, 6.75%, 4/01/38</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>793,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Dallas Texas, Refunding RB &amp; Improvement (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 8/15/21</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>2,631,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Texas Toll Highway Authority, RB, Dallas North</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Toll Highway System, Series 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>5.25%, 1/01/20</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>1,050,410</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.38%, 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>5,241,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Port Corpus Christi Industrial Development Corp., Texas,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 RB, Valero, Series C, 5.40%, 4/01/18</FONT>&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>3,454,955</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, RB, CAB, First Tier, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(AMBAC) (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>5.38%, 8/15/21</FONT>&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>4,191,314</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%, 8/15/24</FONT>&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>3,618,882</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Weatherford ISD, GO, CAB, Refunding (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%, 2/15/11 (b)</FONT>&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>2,007,920</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%, 2/15/11 (b)</FONT>&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>1,895,972</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%, 2/15/23</FONT>&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>1,376,708</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=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>1,298,535</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27,561,246</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virgin Islands Public Finance Authority, RB, Senior Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Matching Fund Loan Note, Series A, 5.25%, 10/01/17</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>1,030,950</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; 7.8%</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>Celebrate North 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>Special Assessment Bonds, Celebrate Virginia North</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, 6.60%, 3/01/25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,993</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,183,784</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charles City County EDA, RB, Waste Management, 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>5.13%, 8/01/27</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>10,006,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mecklenburg County IDA, Virginia, Refunding RB, Exempt</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities, UAE LP Project, AMT, 6.50%, 10/15/17</FONT>&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>7,318,275</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>21,508,959</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; 3.1%</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>State of Wisconsin, RB, 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>1,110,290</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin Health &amp; Educational Facilities Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wheaton Franciscan Services, 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>5.50%, 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>2,843,885</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/15/18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,190</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,124,509</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin Health &amp; 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>Refunding RB, Froedtert &amp; Community Health Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 4/01/20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,515</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,543,437</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,622,121</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 &#151; 159.6%</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>443,184,672</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="62%"></TD>
     <TD width="20%"></TD>
     <TD width="16%"></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 (i)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(000)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Chicago, Illinois, Refunding RB, Second Lien</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(FSA), 5.00%, 11/01/20</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><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>5,446,700</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; 2.0%</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>5,446,700</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; $463,678,046) &#151; 161.6%</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>448,631,372</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 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, Refunding RB, VRDN</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>(FSA), 0.29%, 11/06/09 (j)</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 Funds &#151; 1.2%</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, 0.23% (k)(l)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,400,644</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,400,644</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; $3,490,644) &#151; 1.2%</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>3,490,644</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; $467,168,690*) &#151; 162.8%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>452,122,016</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; 1.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,151,618</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; (1.4)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,750,032)</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; (62.6)%</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>(173,861,498)</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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$277,662,104</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of October 31,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$463,002,685</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,294,386</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(25,925,055)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (14,630,669)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><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 as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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 to par.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</FONT>&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>(d) Issuer filed for bankruptcy and/or is in default of interest payments.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Non-income producing security.</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>(f) When-issued security.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Unrealized</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Counterparty</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Depreciation</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Loop Capital Markets LLC</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$3,189,040</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (6,040)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) Security is perpetual in nature and has no stated maturity date.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Securities represent bonds transferred to a tender option bond trust in exchange for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) Security may have a maturity of more than one year at time of issuance, but has</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>variable rate and demand features that qualify it as a short-term security. The rate</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be recovered through demand.</FONT>&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><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 21</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 2020 Term Trust (BKK)</FONT></B></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="5%"></TD>
     <TD width="30%"></TD>
     <TD width="3%"></TD>
     <TD width="9%"></TD>
     <TD width="3%"></TD>
     <TD width="18%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(k) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</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" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Affiliate</FONT></B>&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=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Activity</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>Income</FONT></B>&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;<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" colSpan=2 align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,099,603</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,435</FONT>&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>(l) Represents the current yield as of report date.</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 colSpan=6 align=right><FONT size=2 face=Frutiger-Roman,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fair Value Measurements &#151; Various inputs are used in determining the fair value of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments, which are 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></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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 assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets or liabilities in markets that are not active, inputs other than</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>quoted prices that are observable for the assets or liabilities (such as interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>default rates) or other market-corroborated inputs)</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 colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstances, to the extent observable inputs are not available (including the</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to Note 1 of the Notes to Financial Statements.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of October 31, 2009 in deter-</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair valuation of the Trust&#146;s investments:</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 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 colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&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;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation Inputs</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=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,400,644</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2:</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 colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Investments</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>448,631,372</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>90,000</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total Level 2</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>448,721,372</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$452,122,016</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD colSpan=3 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See above Schedule of Investments for values in each state or</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 align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>political subdivision.</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" colSpan=2 align=right><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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>
     <TD colSpan=3 align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD width="31%"></TD>
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     <TD colSpan=4 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>October 31, 2009 (Unaudited)</FONT>&nbsp;</TD>
     <TD colSpan=3 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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</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>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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=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>
     <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; 3.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado (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>Huntsville Health Care Authority, Alabama, RB, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Denver Health &amp; Hospital Authority, Colorado, RB,</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%, 6/01/12 (a)</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>$ 16,908,150</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.00%, 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>$ 1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,649,715</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; 4.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Park Creek Metropolitan District, Colorado, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Phoenix &amp; Pima County IDA, RB, Series 2007-1, AMT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior, Limited Tax Property Tax, 5.50%, 12/01/37</FONT>&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>2,342,982</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(GNMA), 5.25%, 8/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,743</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,788,346</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,097,811</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pima County IDA, RB, American Charter Schools</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>District of Columbia &#151; 7.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foundation, Series A, 5.63%, 7/01/38</FONT>&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>3,612,100</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia, RB, CAB, University, Georgetown,</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>Salt Verde Financial Corp., RB, Senior:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A (MBIA), 6.03%, 4/01/11 (a)(b):</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>66,785</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,224,710</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/32</FONT>&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>9,192,376</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia, RB, Friendship Public Charter</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>5.00%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,290</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,902,074</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>School Inc. (ACA), 5.25%, 6/01/33</FONT>&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>1,842,379</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>24,494,896</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>District of Columbia Tobacco Settlement Financing Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 26.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Asset Backed Bonds, 6.75%, 5/15/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,035</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,311,931</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bay Area Toll Authority, RB, San Francisco Bay Area,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Washington DC Airports Authority Dulles</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 F1, 5.63%, 4/01/44</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,445</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,787,087</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Toll Road, RB, First Senior Lien, 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>California County Tobacco Securitization Agency, RB, CAB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>990</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>988,891</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Stanislaus, Sub-Series C, 6.30%, 6/01/55 (b)</FONT>&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>219,081</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 10/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,545</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,583,965</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California HFA, RB, Home Mortgage, Series G, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>40,951,876</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 8/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,845</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,680,020</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Florida &#151; 4.0%</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>California Statewide Communities Development Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Orange Florida, Refunding RB (Syncora),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Health Facilities, Memorial Health Services,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 10/01/32</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>5,212,554</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.50%, 10/01/33</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>5,030,650</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach Health Facilities Authority, Refunding RB,</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>City of Lincoln California, Special Tax, Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mount Sinai Medical Center Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,485</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,531,856</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities District No. 2003-1, 6.00%, 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>3,678,940</FONT>&nbsp;</TD>
     <TD colSpan=2 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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Foothill Eastern Transportation Corridor Agency, California,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Special Assessment, Series A, 7.10%, 5/01/35</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>2,832,929</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, CAB (b):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village Community Development District No. 6, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.09%, 1/15/32</FONT>&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>11,828,478</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assessment, 5.63%, 5/01/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,200</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,654,744</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=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>10,740,000</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Golden State Tobacco Securitization Corp., California, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>22,232,083</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 2003-A-1, 6.63%, 6/01/13 (a)</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>11,649,200</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Georgia &#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>Los Angeles Regional Airports Improvement Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Atlanta Rapid Transit Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, Refunding RB, Facilities, LAXFUEL Corp.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3rd Series, 5.00%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,805</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,951,103</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>LA International Airport, AMT (AMBAC), 5.50%, 1/01/32</FONT>&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>12,920,800</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Richmond County Development Authority, Refunding RB,</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>Los Angeles Unified School District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>International Paper Co. Project, Series A, 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 D:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 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>3,948,480</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%, 7/01/24</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>5,396,900</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,899,583</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=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>3,749,830</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; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 7/01/26</FONT>&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>1,372,351</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Guam &#151; 1.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Murrieta Community Facilities District Special Tax,</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>Territory of Guam, GO, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California, Special Tax, No. 2, The Oaks Improvement</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 11/15/19</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,245</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,296,406</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Area, Series A, 6.00%, 9/01/34</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>4,330,550</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.75%, 11/15/29</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,180</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,332,469</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Francisco City &amp; County Public Utilities Commission,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 11/15/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,255</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,437,294</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Series B, 5.00%, 11/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,827,322</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,066,169</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of California, GO, Various Purpose:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#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>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 6/01/32</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>3,767,600</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CenterPoint Intermodal Center Program Trust, Tax</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>6.50%, 4/01/33</FONT>&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>22,557,336</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allocation Bonds, Class A, 10.00%, 6/15/23 (d)</FONT>&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>2,435,658</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 6/01/34</FONT>&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>5,848,750</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Educational Facilities Authority, RB:</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>University of California, RB, Limited Project, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Educational Advancement Fund, University Center</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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>10,565</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,057,669</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project, 6.25%, 5/01/30 (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>11,363,300</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, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Chicago, Series A, 5.25%, 7/01/41</FONT>&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>784,328</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Election of 2004, Series A (FSA), 4.75%, 8/01/30</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>4,037,765</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Finance Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>148,480,329</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Friendship Village Schaumburg, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD 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; 3.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.63%, 2/15/37</FONT>&nbsp;</TD>
     <TD align=left>&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>668,463</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Colorado Springs Colorado, RB, Subordinate Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MJH Education Assistance IV, 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>Improvement, Series C (FSA), 5.00%, 11/15/45</FONT>&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>2,574,013</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.38%, 6/01/35 (e)(f)</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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>118,925</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, RB, Series C (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Monarch Landing Inc., Facilities, 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%, 3/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,574,998</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 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>1,442,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Health Facilities Authority, Refunding RB, Elmhurst</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Healthcare, Series A (c):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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%, 7/01/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,205</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,283,591</FONT>&nbsp;</TD>
     <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>4,874,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,965</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,672,512</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.63%, 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>5,720,640</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>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>
     <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=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=4 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued)</FONT>&nbsp;</TD>
     <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>
<TR vAlign=bottom>
     <TD align=left>&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=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</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>
     <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>
     <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>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey &#151; 7.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Municipal Electric Agency, RB (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Middlesex County Improvement Authority, RB, Subordinate,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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%, 2/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,595</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,483,382</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Heldrich Center Hotel, Series B, 6.25%, 1/01/37</FONT>&nbsp;</TD>
     <TD colSpan=2 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>$ 676,973</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Village of Bolingbrook Illinois, GO, Series B (MBIA) (b):</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>New Jersey EDA, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.01%, 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>1,862,951</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cigarette Tax, 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>15,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,917,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.01%, 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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,620,831</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &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>
     <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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>34,375,128</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 11/15/30</FONT>&nbsp;</TD>
     <TD align=left>&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>14,309,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Jersey EDA, Special Assessment, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Indiana &#151; 7.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kapkowski Road Landfill Project, 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>6,764,960</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Finance Authority, RB:</FONT>&nbsp;</TD>
     <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>Tobacco Settlement Financing Corp., New Jersey, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding, Duke Energy, Series C, 4.95%, 10/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,745</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,477,513</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 1A, 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>4,125</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,693,525</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sisters of St. Francis Health, 5.25%, 11/01/39 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,655</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,603,993</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Health Facility Financing Authority, Indiana, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>40,361,768</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Methodist Hospital Inc, 5.50%, 9/15/31</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>6,982,920</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 6.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Municipal Power Agency, Indiana, RB, Indiana</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Albany Industrial Development Agency, RB, New Covenant</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Muni Power Agency Series B, 6.00%, 1/01/39</FONT>&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>2,306,412</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter School Project, Series A, 7.00%, 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>1,153,188</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Petersburg Indiana, RB, Indiana Power &amp; Light, AMT:</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>New York City Industrial Development Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>9,594,700</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Airlines, JFK International Airport, AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>14,968,640</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.00%, 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>5,012,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Vincennes Indiana, Refunding RB &amp; Improvement,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.75%, 8/01/31</FONT>&nbsp;</TD>
     <TD align=left>&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>21,371,078</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Southwest Indiana Regional, 6.25%, 1/01/24</FONT>&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>1,730,113</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York Liberty Development Corp., RB, Goldman</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;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>42,664,291</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>3,545</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,468,215</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York State Dormitory Authority, RB, NYU Hospitals</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 color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kentucky &#151; 0.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Center, Series A, 5.00%, 7/01/20</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,922,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kentucky Housing Corp., RB, Series F, AMT (FNMA),</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>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.45%, 1/01/32</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>715</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>717,424</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>34,926,881</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; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>North Carolina &#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>Louisiana Local Government Environmental Facilities &amp;</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>Gaston County Industrial Facilities &amp; Pollution Control</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Community Development Authority, RB, Capital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financing Authority, North Carolina, RB, Exempt</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>Projects &amp; Equipment Acquisition Program (ACA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities, National Gypsum Co. Project, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.55%, 9/01/25</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>8,430</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,228,219</FONT>&nbsp;</TD>
     <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>7,167,860</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina Capital Facilities Finance Agency,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Maryland &#151; 0.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Duke University Project, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland Community Development Administration, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>11,350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,513,391</FONT>&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>Residential, Series A, AMT, 4.65%, 9/01/32</FONT>&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>2,474,612</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina Eastern Municipal Power Agency,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina, RB, Series B, 5.00%, 1/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,360</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,439,962</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Hospital Finance Authority, Michigan,</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>North Carolina Medical Care Commission, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Henry Ford Health System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Duke University Health System, Series A (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>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>3,668,848</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 6/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,240</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,226,720</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; 3.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 6/01/42</FONT>&nbsp;</TD>
     <TD align=left>&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>2,697,832</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Gulfport Mississippi, RB, Memorial Hospital at</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>26,045,765</FONT>&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>Gulfport Project, Series A, 5.75%, 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>18,455</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,385,425</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio &#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><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>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Buckeye Tobacco Settlement 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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri Joint Municipal Electric Utility Commission, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Asset-Backed, Senior, Turbo, Series A-2,</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>Plum Point Project (MBIA), 4.60%, 1/01/36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>670</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>551,316</FONT>&nbsp;</TD>
     <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>3,120</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,513,410</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; 5.6%</FONT></B>&nbsp;</TD>
     <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>County of Montgomery Ohio, Refunding RB, Catholic</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter Mac Equity Issuer Trust (d)(g):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Healthcare, Series A, 5.00%, 5/01/39 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,965</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,694,556</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>6,701,695</FONT>&nbsp;</TD>
     <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>
     <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>6.80%, 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>17,098,880</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Facilities, Series A, 6.25%, 12/01/36</FONT>&nbsp;</TD>
     <TD align=left>&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>2,751,869</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>9,959,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.50%, 6/30/49 (d)(g)</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>7,419,840</FONT>&nbsp;</TD>
     <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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>31,220,415</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tulsa Municipal Airport Trust Trustees, Oklahoma,</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 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Series A, AMT, 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>7,175</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,837,632</FONT>&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, RB, System, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>3,645,487</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Nevada &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Clark Nevada, Refunding RB, Alexander</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amtrak Project, Series A, AMT, 6.38%, 11/01/41</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>6,567,860</FONT>&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>Dawson School, Nevada Project, 5.00%, 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>5,260</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,131,761</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,725</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,699,335</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reliant Energy, Series A-12-22-04, 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><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Hampshire &#151; 1.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>11,345</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,581,770</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire Business Finance Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, RB, Series 97A, AMT, 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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,344,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Public Service Co. New Hampshire Project, Series B,</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>Pennsylvania Turnpike Commission, RB, Sub-Series D,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT (MBIA), 4.75%, 5/01/21</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>3,832,600</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.13%, 12/01/40</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,038,465</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire Health &amp; Education Facilities Authority,</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 colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Exeter Project, 5.75%, 10/01/31</FONT>&nbsp;</TD>
     <TD 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>3,559,850</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27,232,130</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>7,392,450</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" colSpan=2 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>
     <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-Book,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=3 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued)</FONT>&nbsp;</TD>
     <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>
<TR vAlign=bottom>
     <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=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</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>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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=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>
     <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>Puerto Rico &#151; 2.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#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>Puerto Rico Sales Tax Financing Corp., RB, First</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>County of King Washington, Refunding RB (FSA),</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>Sub-Series A, 6.50%, 8/01/44</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>$ 11,788,350</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 1/01/36</FONT>&nbsp;</TD>
     <TD colSpan=2 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>$ 3,685,854</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; 5.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington Health Care Facilities Authority, Washington,</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>County of Lexington South Carolina, Refunding RB &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Providence Health Care Services, Series A (MBIA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 (a):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.63%, 10/01/34</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>4,831,232</FONT>&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>5,732,850</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,517,086</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>11,562,100</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wisconsin &#151; 1.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs-EDA, RB, Palmetto Health:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin Health &amp; Educational Facilities Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding, Alliance, 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>5,148,740</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aurora Health Care, 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>7,638,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C, 6.88%, 8/01/13 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,595,771</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Froedtert &amp; Community, 5.38%, 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>1,220,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>33,039,461</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,859,240</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; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>Knox County Health Educational &amp; Housing Facilities</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>Wyoming Community Development Authority, Wyoming,</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>Board, Tennessee, CAB, Refunding RB &amp; Improvement,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Series 3, AMT, 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>2,614,667</FONT>&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 (FSA), 5.70%, 1/01/20 (b)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,055</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,941,100</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 138.9%</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>775,017,184</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; 18.8%</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brazos River Authority, Refunding RB, TXU, AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Electric Co. Project, Series C, 5.75%, 5/01/36</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>3,841,272</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; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Electric, 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>2,605,525</FONT>&nbsp;</TD>
     <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 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Houston Texas, Refunding RB, Combined,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (h)</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>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>First Lien, Series A (AGC), 6.00%, 11/15/35</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>18,671,283</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Alabama &#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 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County-Houston Sports Authority, RB, CAB,</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>Alabama Special Care Facilities Financing Authority-</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Junior Lien, Series H (MBIA), 6.11%, 11/15/35 (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>713,150</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Birmingham, Refunding RB, Ascension Health Senior</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County-Houston Sports Authority, Refunding RB</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Credit, Series C-2, 5.00%, 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>4,556,078</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(MBIA) (b):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#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>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, Senior Lien, Series A , 5.94%, 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>1,528,596</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Educational Facilities Authority, RB, University of</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>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>3,156,341</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Southern California, Series A, 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>5,115</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,390,238</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Houston Texas Airport Systems, Refunding ARB,</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>Los Angeles Community College District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior Lien, Series A, 5.50%, 7/01/39</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>3,111,720</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Election 2001, Series A (FSA), 5.00%, 8/01/32</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>4,618,890</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lower Colorado River Authority, Refunding RB &amp;</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>San Diego Community College District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Improvement (MBIA):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>3,260</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,423,039</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>55,979</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of California, RB, Series C (MBIA),</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>5.00%, 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>2,348,705</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 5/15/37</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>4,939,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lower Colorado River Authority, Refunding RB:</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; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>LCRA Transmission Services Project (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>18,371,467</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%, 5/15/34</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,930</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,405,042</FONT>&nbsp;</TD>
     <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>
     <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 (MBIA), 5.00%, 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>5,598</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, RB, Catholic</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Texas Tollway Authority, Refunding RB, Second Tier,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health (FSA):</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 F, 6.13%, 1/01/31</FONT>&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>12,649,904</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C3, 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>7,600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,678,280</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 Facility Corp., RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C7, 5.00%, 9/01/36</FONT>&nbsp;</TD>
     <TD align=left>&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>4,900,192</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gas Supply, 5.50%, 8/01/25</FONT>&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>6,539,411</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,578,472</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Affordable Housing Corp., Texas, RB,</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;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Opportunity Housing Portfolio, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Connecticut &#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>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.00%, 3/01/32 (e)(f)</FONT>&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>220,774</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Connecticut State Health &amp; Educational Facility Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, RB (AMBAC):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Yale University:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, 6.06%, 8/15/32 (b)</FONT>&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>5,818,250</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series T1, 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>9,906,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, 6.07%, 8/15/33 (b)</FONT>&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>13,574,385</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series X3, 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>9,742,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, 6.07%, 8/15/34 (b)</FONT>&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>13,223,282</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,649,110</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, 5.00%, 8/15/42</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>4,530,650</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#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 style="BORDER-BOTTOM: #000000 1px solid" align=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>104,999,867</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago New Public Housing Authority, Illinois,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Utah &#151; 1.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB (FSA), 5.00%, 7/01/24</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>8,442,366</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Riverton Utah, RB, IHC Health Services Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Massachusetts &#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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 8/15/41 (c)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,475</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,305,166</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts Water Resources Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 0.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Generation, Series A, 5.00%, 8/01/41</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>6,862,410</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Hampshire &#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 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 2/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,635</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,514,133</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virginia Commonwealth Transportation Board, Virginia,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Dartmouth College, 5.25%, 6/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,988</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,266,906</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, CAB, Contract, Route 28 (MBIA),</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;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.29%, 4/01/32 (b)</FONT>&nbsp;</TD>
     <TD 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>2,487,830</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>&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>5,001,963</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>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>
     <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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=7 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (h)</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><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;</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>
     <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><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New York &#151; 1.6%</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 colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Security represents a beneficial interest in a trust. The collateral deposited into the</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 Municipal Water Finance Authority, RB,</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 colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,075</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,332,294</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</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 Environmental Facilities Corporation,</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 colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, RB, Revolving Funds, New York City</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 colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) Securities represent bonds transferred to tender option bond trust in exchange for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Water Project, Series B, 5.00%, 6/15/31</FONT>&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>5,370</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>5,458,122</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>8,790,416</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 3.3%</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 colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,810</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,880,892</FONT>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT>&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>University of Virginia, Refunding RB, 5.00%, 6/01/40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,750</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,340,390</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,221,282</FONT>&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>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 3.7%</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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<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=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>
     <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 colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington, RB, Series A (FSA), 5.00%, 11/01/32</FONT>&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>5,459</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,633,238</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<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>$ 16,679,043</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 19,806</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of Washington, GO, Various Purpose, Series E,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) Represents the current yield as of report date.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 2/01/34</FONT>&nbsp;</TD>
     <TD align=left>&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>14,487</FONT>&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>15,085,249</FONT>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=2 face=Frutiger-Roman,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fair Value Measurements &#151; Various inputs are used in determining the fair value of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>20,718,487</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments, which are as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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 assets</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#151; 22.0%</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>122,456,994</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and liabilities</FONT>&nbsp;</TD>
     <TD align=left>&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>Total Long-Term Investments</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 colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $929,685,870) &#151; 160.9%</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>897,474,178</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</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>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets or liabilities in markets that are not active, inputs other than</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>quoted prices that are observable for the assets or liabilities (such as interest</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>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT>&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>FFI Institutional Tax-Exempt Fund, 0.23% (i)(j)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,102,993</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>17,102,993</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>default rates) or other market-corroborated inputs)</FONT>&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>Total Short-Term Securities</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 colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $17,102,993) &#151; 3.1%</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,102,993</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstances, to the extent observable inputs are not available (including the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $946,788,863*) &#151; 164.0%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>914,577,171</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 colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liabilities in Excess of Other Assets &#151; (3.1)%</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(17,237,846)</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expense and Fees Payable &#151; (12.3)%</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(68,649,327)</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#151; (48.6)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(270,890,746)</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to Note 1 of the Notes to Financial Statements.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 557,799,252</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of October 31, 2009 in deter-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair valuation of the Trust&#146;s investments:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of October 31,</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 colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation</FONT></B>&nbsp;</TD>
     <TD align=left>&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 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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Inputs</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>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 876,565,983</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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 style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 27,881,007</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 colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(58,453,321)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,102,993</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (30,572,314)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; Long-Term Investments</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>897,474,178</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&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>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 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>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</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>$914,577,171</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=right><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 to par.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><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>See above Schedule of Investments for values in each state or</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>political subdivision.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</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>
     <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>(c) When-issued security.</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 align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Unrealized</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Counterparty</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=2 align=left>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</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>Depreciation</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Citibank NA</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,924,552</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (24,754)</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; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>JPMorgan Securities, Inc.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,305,166</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (83,713)</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; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jeffries &amp; Co.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,699,335</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (62,133)</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; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Merrill Lynch &amp; Co.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,603,993</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (48,716)</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" colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Morgan Stanley Capital Services, Inc.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$13,650,659</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$(223,678)</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 colSpan=7 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.</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 colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</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; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</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>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD colSpan=6 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Issuer filed for bankruptcy and/or is in default of interest payments.</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 colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) Non-income producing security.</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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<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD colSpan=5 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>October 31, 2009 (Unaudited)</FONT>&nbsp;</TD>
     <TD colSpan=4 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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</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>
     <TD align=left>&nbsp;</TD>
     <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=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</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>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; 113.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Corporate &#151; 2.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Housing &#151; 12.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Series A, AMT, Aqua Pennsylvania Inc., Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 95, Series A, AMT, 4.90%, 10/01/37</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,000 $</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>950,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.75%, 10/01/18</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 600 $</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>666,894</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 96, Series A, AMT, 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>490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>440,226</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; 18.0%</FONT></B>&nbsp;</TD>
     <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>Series 97A, AMT, 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>1,206,114</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware Valley Regional Financial Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 103C, Non Ace, 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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>258,610</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A (AMBAC), 5.50%, 8/01/28</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>1,588,575</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series 105C, 5.00%, 10/01/39</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>502,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Marple Newtown School District, GO (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,357,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 6/01/31</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>623,604</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>State &#151; 9.1%</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>Mifflin County School District, GO (Syncora),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Commonwealth of Pennsylvania, GO, First Series:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.50%, 9/01/22</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>243,218</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>890,942</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, GO, 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>728,966</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>294,976</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Philadelphia School District, GO:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Turnpike Commission, RB, Series C (MBIA),</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>Refunding, Series A (AMBAC), 5.00%, 8/01/15</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>1,103,070</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/32</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>1,032,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series E, 6.00%, 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>108,028</FONT>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State Public School Building Authority, Pennsylvania, RB,</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>Scranton School District, Pennsylvania, GO, Series A</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harrisburg School District Project, Series A (AGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(FSA), 5.00%, 7/15/38</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>508,040</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 11/15/33</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>255,515</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,903,501</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,473,823</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; 12.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Transportation &#151; 15.4%</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>Cumberland County Municipal Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, RB, Series A, AMT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AI Cup Financing Project, Dickinson College,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(FSA), 5.00%, 6/15/37</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>1,082,725</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 11/01/39</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>188,746</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Economic Development Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lancaster Higher Education Authority, RB, Franklin &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, RB, Amtrak Project, Series A, AMT:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Marshall College Project, 5.00%, 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>498,505</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><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>1,008,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Higher Educational Facilities Authority, RB,</FONT>&nbsp;</TD>
     <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>6.38%, 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>1,010,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lafayette College Project, 6.00%, 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>1,268,638</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Turnpike Commission, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania State Higher Education Facilities Authority,</FONT>&nbsp;</TD>
     <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>CAB, Sub-Series E, 6.48%, 12/01/38 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>385</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>239,466</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Trustees of the University of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A (AMBAC), 5.25%, 12/01/32</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>873,036</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania, Series C, 4.75%, 7/15/35</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>502,700</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Pittsburgh, Pennsylvania, RB, Capital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,214,387</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Projects, Series B, 5.00%, 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>375,424</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Utilities &#151; 6.0%</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>Wilkes-Barre Finance Authority, Refunding RB, Wilkes</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, RB, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Project, 5.00%, 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>640,605</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 1/01/36</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>99,851</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,474,618</FONT>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware County IDA, Pennsylvania, RB, Water Facilities,</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 colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT (MBIA), 6.00%, 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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,255,262</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; 37.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County IDA, Pennsylvania, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allegheny County Hospital Development Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aqua Pennsylvania Inc. Project, Series A, AMT,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System, West Pennsylvania, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>285,951</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.38%, 11/15/40</FONT>&nbsp;</TD>
     <TD align=left>&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>361,289</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Berks County Municipal Authority, RB, Reading Hospital &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>1,641,064</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Medical Center Project, Series A-3, 5.50%, 11/01/31</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>518,615</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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 1px solid" align=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>31,090,836</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bucks County IDA, RB, Pennswood Village Project,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Guam &#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>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.00%, 10/01/12 (a)</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>1,605,730</FONT>&nbsp;</TD>
     <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; 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>Geisinger Authority, RB, Series A, 5.13%, 6/01/34</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>503,935</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Territory of Guam, RB, Section 30, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lehigh County General Purpose Authority, RB, Hospital,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.75%, 12/01/34</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>254,583</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Saint Lukes Bethlehem, 5.38%, 8/15/13 (a)</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>4,021,670</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lycoming County Authority, Refunding RB, Susquehanna</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds in Guam</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>254,583</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health System Project, Series A, 5.75%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=left>&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>199,681</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Multi-State &#151; 13.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Monroe County Hospital Authority, Pennsylvania, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Housing &#151; 13.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hospital, Pocono Medical Center, 5.13%, 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>318,176</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(e)</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>3,709,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Montgomery County Higher Education &amp; Health Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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>3,709,920</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Abington Memorial Hospital, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.13%, 6/01/33 (b)</FONT>&nbsp;</TD>
     <TD align=left>&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>312,496</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Puerto Rico &#151; 22.6%</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>Montgomery County IDA, Pennsylvania, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Education &#151; 3.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ACTS Retirement, Life Community, 5.25%, 11/15/28</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>1,167,237</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Industrial Tourist Educational Medical &amp;</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>Southcentral General Authority, Pennsylvania, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Environmental Control Facilities Financing Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wellspan Health Obligation Group, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Ana G Mendez University System 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>6.00%, 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>1,349,800</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 3/01/26</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>1,045,163</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>10,358,629</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>State &#151; 16.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Commonwealth of Puerto Rico, GO, Refunding,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sub-Series C-7 (MBIA), 6.00%, 7/01/27</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>1,438,890</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Public Buildings Authority, RB, 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;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Facilities, Series N, 5.00%, 7/01/37</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>266,349</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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TR>
     <TD width="17%"></TD>
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<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded)</FONT>&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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</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>
     <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><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>
     <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><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Puerto Rico (concluded)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) When-issued security.</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 color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>State (concluded)</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>
     <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 Public Finance Corp., RB, Commonwealth</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=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Unrealized</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Appropriation, Series E, 5.50%, 2/01/12 (a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,495 $</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,637,773</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Affiliate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Depreciation</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Sales Tax Financing Corp., RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Goldman Sachs &amp; Co.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 312,496</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>$ (1,267)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>First Sub-Series A, 6.38%, 8/01/39</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>1,078,580</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>4,421,592</FONT>&nbsp;</TD>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) Represents a step-up bond that pays an initial coupon rate for the first period and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Utilities &#151; 2.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>yield as of report date.</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Aqueduct &amp; Sewer Authority, RB, Senior Lien,</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>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 6.00%, 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>205,416</FONT>&nbsp;</TD>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Puerto Rico Electric Power Authority, RB, Series WW,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</FONT>&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=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>501,670</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>707,086</FONT>&nbsp;</TD>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,173,841</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</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; 0.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>State &#151; 0.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) Securities represent bonds transferred to tender option bond trust in exchange for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Virgin Islands Public Finance Authority, RB, Senior Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT>&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>Capital Projects, Series A-1, 5.00%, 10/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>94,944</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds in U.S. Virgin Islands</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>94,944</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 151.2%</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>41,324,124</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Security may have a maturity of more than one year at time of issuance, but has</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>variable rate and demand features that qualify it as a short-term security. The rate</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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 colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be recovered through demand.</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" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (f)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) Investments in companies considered to be an affiliate of the Trust, for purposes of</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; 3.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Health &#151; 3.7%</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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net</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" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Geisinger Authority, RB, Series A, 5.25%, 6/01/39</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>1,013,490</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=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;</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<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" colSpan=2 align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,100,192</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>$ 127</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>Tender Option Bond Trusts</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>1,013,490</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><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>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Represents the current yield as of report date.</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" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $42,158,198) &#151; 154.9%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42,337,614</FONT>&nbsp;</TD>
     <TD colSpan=6 align=right><FONT size=2 face=Frutiger-Roman,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fair Value Measurements &#151; Various inputs are used in determining the fair value of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments, which are 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></TR>
<TR vAlign=bottom>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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 assets</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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></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 align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Pennsylvania &#151; 1.1%</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 colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, RB, VRDN,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets or liabilities in markets that are not active, inputs other than</FONT>&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>Fifth Series A-2, 0.20%, 11/06/09 (g)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>300,000</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>quoted prices that are observable for the assets or liabilities (such as interest</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>default rates) or other market-corroborated inputs)</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 color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Money Market Funds &#151; 4.4%</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>
     <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>CMA Pennsylvania Municipal Money Fund,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&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>0.04% (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>1,200,162</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,200,162</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstances, to the extent observable inputs are not available (including the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</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>
     <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><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Cost &#151; $1,500,162) &#151; 5.5%</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>1,500,162</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $43,658,360*) &#151; 160.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>43,837,776</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Other Assets Less Liabilities &#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>313,698</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to Note 1 of the Notes to Financial Statements.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>
     <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 colSpan=2 align=left>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expense and Fees Payable &#151; (1.8)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(500,438)</FONT>&nbsp;</TD>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of October 31, 2009 in deter-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#151; (59.7)%</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>(16,325,762)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair valuation of the Trust&#146;s investments:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 27,325,274</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of October 31,</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation Inputs</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, 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 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>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 42,995,563</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,200,162</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,362,265</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2:</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 colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,020,052)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Long-Term Investments</FONT><SUP><FONT size=1 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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42,337,614</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized appreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 342,213</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>300,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 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</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total Level 2</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42,637,614</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<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>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to par.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 43,837,776</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD colSpan=3 align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>See above Schedule of Investments for values in each state or</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=2 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=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>political subdivision.</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><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</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>
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     <TD colSpan=5 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>October 31, 2009 (Unaudited)</FONT>&nbsp;</TD>
     <TD colSpan=3 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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</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>
     <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>
     <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; 3.3%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Courtland IDB, Alabama, RB, Champion International</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Hillsborough County IDA, RB, National Gypsum, 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>Corp. Project, Series A, AMT, 6.70%, 11/01/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,000 $</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,012,690</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>AMT, 7.13%, 4/01/30</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,300 $</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,275,581</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; 3.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Miami Beach Health Facilities Authority, Refunding RB,</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>Salt Verde Financial Corp., RB, Senior:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mount Sinai Medical Center Florida, 6.75%, 11/15/21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,245</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,252,794</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/32</FONT>&nbsp;</TD>
     <TD align=left>&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>1,301,061</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sumter Landing Community Development District, Florida,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 12/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,320</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,122,792</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Sub-Series B, 5.70%, 10/01/38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,565</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,127,849</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Luis Facility Development Corp., RB, Senior Lien</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>8,240,107</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Project, Regional Detention Center:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Georgia &#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>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.25%, 5/01/15</FONT>&nbsp;</TD>
     <TD align=left>&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>194,863</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metropolitan Atlanta Rapid Transit Authority, RB,</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>7.00%, 5/01/20</FONT>&nbsp;</TD>
     <TD align=left>&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>194,007</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3rd Series, 5.00%, 7/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,095</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,118,509</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=left>&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>383,153</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Guam &#151; 1.1%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,195,876</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Territory of Guam, GO, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD 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; 17.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.00%, 11/15/19</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>208,258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Bay Area Toll Authority, RB, San Francisco Bay Area,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.75%, 11/15/29</FONT>&nbsp;</TD>
     <TD align=left>&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>379,829</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series F 1, 5.63%, 4/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>720</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>775,411</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 11/15/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>365</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>394,507</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California County Tobacco Securitization Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>982,594</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CAB, Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)</FONT>&nbsp;</TD>
     <TD align=left>&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>37,976</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles Unified School District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Illinois &#151; 6.7%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series D, 5.00%, 7/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,585</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,666,801</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>CenterPoint Intermodal Center Program Trust, Tax</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>San Francisco City &amp; County Public Utilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Allocation Bonds, Class A, 10.00%, 6/15/23 (d)</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>447,151</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Commission, RB, Series B, 5.00%, 11/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,965</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,009,327</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Educational Facilities Authority, RB, Northwestern</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>State of California, GO, Various Purpose:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University, 5.00%, 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>5,120,300</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=left>&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>718,387</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Illinois Finance Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(CIFG), 5.00%, 3/01/33</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>4,691,950</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Friendship Village Schaumburg, 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>University of California, RB, Limited Project, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.63%, 2/15/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>145</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>114,706</FONT>&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>1,835</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,746,883</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MJH Education Assistance IV, Sub-Series B,</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>West Valley-Mission Community College District, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.38%, 6/01/35 (e)(f)</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>21,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Election of 2004, Series A (FSA), 4.75%, 8/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD 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>3,368,995</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Monarch Landing Inc. Facilities, Series A,</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>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>287,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,015,730</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>5,990,957</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; 6.6%</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Colorado Springs Colorado, RB, Subordinate Lien,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Improvement, Series C (FSA), 5.00%, 11/15/45</FONT>&nbsp;</TD>
     <TD align=left>&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>399,503</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Finance Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, RB, Series C (FSA),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding, Duke Energy, Series C, 4.95%, 10/01/40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>930</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>886,699</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>600</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>598,326</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Sisters of St. Francis Health, 5.25%, 11/01/39 (b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>270</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>261,678</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Colorado Health Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Indiana Municipal Power Agency, Indiana, RB, Indiana</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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 Healthcare, Series A (b):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Muni Power Agency Series B, 6.00%, 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>375,462</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 7/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>680</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>692,709</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,523,839</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 7/01/39</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>752,872</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Kentucky &#151; 7.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Northwest Parkway Public Highway Authority, Colorado,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, CAB, Senior, Series B (FSA), 6.30%, 6/15/11 (a)(c)</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>3,063,200</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Norton Healthcare Inc., Series B (MBIA),</FONT>&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>Park Creek Metropolitan District, Colorado, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.20%, 10/01/24 (a)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,480</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,771,926</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior, Limited Tax Property Tax, 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>440</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>407,475</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT 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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>5,914,085</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Maryland Community Development Administration,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Connecticut &#151; 2.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Residential, Series A, AMT, 4.70%, 9/01/37</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,269,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Mashantucket Western Pequot Tribe, RB, Sub-Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 9/01/28</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>785,955</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Michigan State Hospital Finance Authority, Michigan,</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>Mashantucket Western Pequot Tribe, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, 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>Sub-Series B, 5.75%, 9/01/27 (d)</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,587,420</FONT>&nbsp;</TD>
     <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>633,158</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,373,375</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Missouri &#151; 1.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>District of Columbia &#151; 0.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Missouri Joint Municipal Electric Utility Commission, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Metroplitan Washington DC Airports Authority Dulles</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Plum Point Project (MBIA), 4.60%, 1/01/36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,110</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,736,235</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Toll Road, RB, First Senior Lien, Series A:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Multi-State &#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>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>160</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>159,820</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (d)(g)</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>2,078,300</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%, 10/01/44</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>256,305</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>MuniMae TE Bond Subsidiary LLC, 7.50%, 6/30/49 (d)(g)</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>3,709,920</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>416,125</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,788,220</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; 9.2%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Arborwood Community Development District, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Clark Nevada, Refunding RB, Alexander</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</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, Master Infrastructure Projects, Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dawson School, Nevada Project, 5.00%, 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>882,936</FONT>&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 align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,485</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,054,261</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Orange Florida, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey &#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>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4.75%, 10/01/32</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>2,529,622</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Middlesex County Improvement Authority, RB, Subordinate,</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 colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Heldrich Center Hotel, 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>118,654</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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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=3 align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=4 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (continued)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=right><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <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=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>
     <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=left>&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 align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>New Jersey (concluded)</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><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 16.9%</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>New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24</FONT>&nbsp;</TD>
     <TD colSpan=2 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>2,367,160</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brazos River Authority, Refunding RB, AMT:</FONT>&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 Jersey State Turnpike Authority, RB, Series E,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>TXU Electric Co. Project, Series C, 5.75%, 5/01/36 $</FONT>&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>657,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.25%, 1/01/40</FONT>&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>1,355</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,416,070</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>TXU Electric, Series A, 8.25%, 10/01/30</FONT>&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>435,248</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>3,901,884</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Houston Texas, Refunding RB, Combined,</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>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>First Lien, Series A (AGC), 6.00%, 11/15/35</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>3,103,355</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; 3.9%</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Harris County-Houston Sports Authority,</FONT>&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>Albany Industrial Development Agency, RB, New</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, CAB, Senior Lien, Series A (MBIA),</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>Covenant Charter School Project, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.17%, 11/15/38 (a)</FONT>&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>577,172</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.00%, 5/01/35</FONT>&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>315</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>199,590</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Houston Texas Airport Systems, Refunding ARB,</FONT>&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 York City Industrial Development Agency, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Senior Lien, Series A, 5.50%, 7/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>485</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>503,062</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>American Airlines, JFK International Airport, AMT,</FONT>&nbsp;</TD>
     <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>La Joya ISD, Texas, GO, 5.00%, 2/15/34</FONT>&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>4,149,280</FONT>&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</FONT>&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>3,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,895,810</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>La Vernia Higher Education Finance Corp., RB, KIPP Inc.,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York Liberty Development Corp., RB, Goldman</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.38%, 8/15/44 (b)</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>495,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>465</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>454,928</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Texas Tollway Authority, Refunding RB, Second Tier,</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,550,328</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series F, 6.13%, 1/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,025</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,064,545</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; 1.9%</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of Texas, GO, Refunding, Water Financial</FONT>&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>North Carolina Eastern Municipal Power Agency,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Assistance, 5.75%, 8/01/22</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>516,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>North Carolina, RB, Series B, 5.00%, 1/01/26</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>712,837</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Texas State Turnpike Authority, RB, CAB (AMBAC),</FONT>&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>North Carolina Medical Care Commission, RB, Duke</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.05%, 8/15/31 (a)</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>3,745,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University Health System, Series A (b):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,247,207</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 6/01/39</FONT>&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>200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>197,858</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Utah &#151; 1.0%</FONT></B>&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>5.00%, 6/01/42</FONT>&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>440</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>431,653</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Riverton Utah, RB, IHC Health Services Inc.,</FONT>&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>North Carolina Municipal Power Agency, RB, Number 1</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 8/15/41 (b)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>880</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>852,702</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Catawba, North Carolina, Series A, 5.00%, 1/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>340</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>342,965</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 align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 3.4%</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>1,685,313</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ohio &#151; 2.5%</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;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.50%, 2/01/31</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>400,735</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Buckeye Tobacco Settlement Financing Authority,</FONT>&nbsp;</TD>
     <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 Virginia, Refunding RB, 5.00%, 6/01/40</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>2,637,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Asset-Backed, Senior, Turbo, Series A-2,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,038,035</FONT>&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=left>&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>1,514,491</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Montgomery Ohio, Refunding RB, Catholic</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 0.7%</FONT></B>&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, Series A, 5.00%, 5/01/39 (b)</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>756,424</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of King Washington, Refunding RB (FSA),</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 1/01/36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>620</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>632,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=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>2,270,915</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 align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wisconsin &#151; 4.9%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wisconsin Health &amp; 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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Tulsa Municipal Airport Trust Trustees, Oklahoma,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Ascension Health Senior Credit, 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" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Refunding RB, Series A, AMT, 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>1,225</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,167,401</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 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>4,330</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,383,692</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; 10.7%</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><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Wyoming &#151; 1.2%</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>Allegheny County Hospital Development Authority, RB,</FONT>&nbsp;</TD>
     <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>County of Sweetwater, Wyoming, Refunding RB, Idaho</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 System, West Pennsylvania, Series A,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Power Co Project, 5.25%, 7/15/26</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>1,009,028</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5.00%, 11/15/13</FONT>&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>1,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,675,870</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wyoming Municipal Power Agency, Wyoming, RB,</FONT>&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</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series A, 5.00%, 1/01/42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>95</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>91,181</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Authority, RB:</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 colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amtrak Project, Series A, AMT, 6.13%, 11/01/21</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>705,712</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,100,209</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amtrak Project, Series A, AMT, 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>1,008,720</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds &#151; 133.3%</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>120,042,557</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amtrak Project, Series A, AMT, 6.50%, 11/01/16</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>1,023,080</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aqua Pennsylvania Inc. Project, 5.00%, 11/15/40 (a)(b)</FONT>&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>595,866</FONT>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 align=left>&nbsp;</TD>
     <TD bgColor=#629be2 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>Reliant Energy, Series A-12-22-04, AMT,</FONT>&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>Municipal Bonds Transferred to</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.75%, 12/01/36</FONT>&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>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,041,740</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (h)</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 colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania HFA, RB, Series 97A, AMT, 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>393,910</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Turnpike Commission, RB, Sub-Series B,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Alabama &#151; 0.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</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%, 6/01/39</FONT>&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>2,175</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,163,886</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Alabama Special 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;</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;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Birmingham, Refunding RB, Ascension Health Senior</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,608,784</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Credit, Series C-2, 5.00%, 11/15/36</FONT>&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>761,015</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; 2.1%</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><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>California &#151; 2.5%</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>Puerto Rico Sales Tax Financing Corp., RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>California Educational Facilities Authority, RB, University of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>First Sub-Series A, 6.50%, 8/01/44</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>1,770</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,914,255</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Southern California, Series A, 5.25%, 10/01/39</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>855</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>901,008</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; 3.3%</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Los Angeles Community College District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Carolina Jobs-EDA, RB, Palmetto Health, Series C,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Election 2001, Series A (FSA), 5.00%, 8/01/32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>740</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>759,551</FONT>&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>7.00%, 8/01/13 (c)</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=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>2,954,022</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>San Diego Community College District, California, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD 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>
     <TD align=left>&nbsp;</TD>
     <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>553</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>580,974</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Dakota Health &amp; Educational Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,241,533</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>South Dakota, RB, Sanford Health, 5.00%, 11/01/40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>869,996</FONT>&nbsp;</TD>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Colorado &#151; 2.2%</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=left>&nbsp;</TD>
     <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>Colorado Health Facilities Authority, RB, Catholic</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>&nbsp;</TD>
     <TD align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Health (FSA):</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>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C3, 5.10%, 10/01/41</FONT>&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>1,222,463</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series C7, 5.00%, 9/01/36</FONT>&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>786,451</FONT>&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>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 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>2,008,914</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=4 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments (concluded)</FONT>&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=left>&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=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></B>&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=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Par</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tender Option Bond Trusts (h)</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>
     <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><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Connecticut &#151; 3.6 %</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(b) When-issued security.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Connecticut State Health &amp; Educational Facility Authority,</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;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RB, Yale University:</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 colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Unrealized</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series T1, 4.70%, 7/01/29</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,580 $</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,665,162</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Counterparty</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Depreciation</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Series X3, 4.85%, 7/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,540</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,602,924</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Citibank NA</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 629,511</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (3,970)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,268,086</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>JPMorgan Securities, Inc.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 852,702</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (13,455)</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>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jeffries &amp; Co.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 595,866</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (10,008)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Chicago New Public Housing Authority, Illinois,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Merrill Lynch &amp; Co.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 261,678</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (386)</FONT>&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 RB (FSA), 5.00%, 7/01/24</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,424</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,460,883</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Morgan Stanley Capital Services, Inc.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$2,202,005</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (36,060)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>RBC Capital</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 371,588</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (2,062)</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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>S. Nicolaus &amp; Co.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 123,862</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (688)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Massachusetts Water Resources Authority, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Generation, Series A, 5.00%, 8/01/41</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>2,007,027</FONT>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(c) US government securities, held in escrow, are used to pay interest on this security as</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; 0.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<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 to par.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New Hampshire Health &amp; Education Facilities Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.</FONT>&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 RB, Dartmouth College, 5.25%, 6/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>645</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>689,763</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>These securities may be resold in transactions exempt from registration to qualified</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; 0.6%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>institutional investors.</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>New York City Municipal Water Finance Authority, RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(e) Issuer filed for bankruptcy and/or is in default of interest payments.</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 FF-2, 5.50%, 6/15/40</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>510</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>552,673</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(f) Non-income producing security.</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 color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Tennessee &#151; 1.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(g) Security represents a beneficial interest in a trust. The collateral deposited into the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shelby County Health Educational &amp; Housing Facilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board, Refunding RB, Saint Jude&#146;s Children&#146;s Research</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, or their respective agencies or authorities. The security is subject to remarket-</FONT>&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>Hospital, 5.00%, 7/01/31</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>1,299,482</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Texas &#151; 2.5%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(h) Securities represent bonds transferred to a tender option bond trust in exchange for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>County of Harris Texas, RB, Senior Lien, Toll Road,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which the Trust acquired residual interest certificates. These securities serve as col-</FONT>&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, 5.00%, 8/15/38</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,140</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,201,632</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Virginia &#151; 3.4%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for details of municipal bonds transferred to tender option bond trusts.</FONT>&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>Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.35%, 7/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,125</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,136,711</FONT>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(i) Investments in companies considered to be an affiliate of the Trust, for purposes of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>University of Virginia, Refunding RB, 5.00%, 6/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,790</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,888,307</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<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>&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" align=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>3,025,018</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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>Net</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Washington &#151; 3.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<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;</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>
     <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;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Washington, RB, Series A (FSA), 5.00%, 11/01/32</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 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>928,556</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$5,498,900</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,284</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State of Washington, GO, Various Purpose, Series E,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) Represents the current yield as of report date.</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>5.00%, 2/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,400</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,498,592</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>&nbsp;</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>&nbsp;</TD>
     <TD colSpan=5 align=right><FONT size=2 face=Frutiger-Roman,Arial,Helvetica,sans-serif>&#149; </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fair Value Measurements &#151; Various inputs are used in determining the fair value of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>3,427,148</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investments, which are as follows:</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=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</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=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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 assets</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>Tender Option Bond Trusts &#151; 25.5%</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>22,943,174</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and liabilities</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=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&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; $149,713,666) &#151; 158.8%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>142,985,731</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>similar assets or liabilities in markets that are active, quoted prices for identical</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</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>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>or similar assets or liabilities in markets that are not active, inputs other than</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>quoted prices that are observable for the assets or liabilities (such as interest</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=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>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and</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>FFI Institutional Tax-Exempt Fund, 0.23% (i)(j)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,800,097</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,800,097</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>default rates) or other market-corroborated inputs)</FONT>&nbsp;</TD>
     <TD align=left>&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>Total Short-Term Securities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=2 face=Frutiger-Roman,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>&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; $5,800,097) &#151; 6.4%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,800,097</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>circumstances, to the extent observable inputs are not available (including the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s own assumptions used in determining the fair value of investments)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total Investments (Cost &#151; $155,513,763*) &#151; 165.2%</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>148,785,828</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><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Liabilities in Excess of Other Assets &#151; (3.6)%</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>(3,239,095)</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The inputs or methodology used for valuing securities are not necessarily an indica-</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>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion of the risk associated with investing in those securities. For information about</FONT>&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; (13.9)%</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>(12,517,480)</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s policy regarding valuation of investments and other significant accounting</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; (47.7)%</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(42,977,011)</FONT>&nbsp;</TD>
     <TD colSpan=4 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>policies, please refer to Note 1 of the Notes to Financial Statements.</FONT>&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>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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 90,052,242</FONT>&nbsp;</TD>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of October 31, 2009 in deter-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>mining the fair valuation of the Trust&#146;s investments:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of October 31,</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 colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009, as computed for federal income tax purposes, were as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investments in</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$142,568,551</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Valuation Inputs</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Securities</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,047,423</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(9,336,529)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 1 &#151; Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,800,097</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net unrealized depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (6,289,106)</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 2 &#151; Long-Term Investments</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>142,985,731</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 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>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$148,785,828</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>report date.</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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><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>See above Schedule of Investments for values in each state or</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>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>political subdivision.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=4 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=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=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=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><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 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" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><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=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 colSpan=2 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>$ 355,874,764</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 227,637,202</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 448,721,372</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 897,474,178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 42,637,614</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 142,985,731</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>6,700,551</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,200,175</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,400,644</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,102,993</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,200,162</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,800,097</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>93,687</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>84,434</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>36,949</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>29,990</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>92,728</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>51,157</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash collateral on financial futures contracts</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>215,520</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>108,000</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>25,920</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>69,120</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,617,266</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,973,157</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,676,267</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,841,184</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>695,369</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,274,953</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>290,766</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>65,966</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>115,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>403,412</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>85,000</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>215</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>71</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>180</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>632</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25</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>Prepaid expenses</FONT>&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>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 align=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>46,441</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,690</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>37,362</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>141,667</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,870</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,791</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>368,884,582</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>234,118,984</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>460,038,692</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>930,118,789</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>44,658,999</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>151,294,101</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>
     <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>Investments purchased payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,743,410</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,990,350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,195,080</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>28,580,351</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>313,763</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,103,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>1,381,605</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>767,346</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>3,482,298</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>129,501</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>510,248</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>111,626</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>77,653</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>201,060</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>439,338</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>77,411</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>47,921</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer&#146;s and 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>47,728</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,842</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>38,802</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>142,637</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,703</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,837</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>11,336</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>290,873</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>65,825</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>438</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,097</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=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>1,416</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,904</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>273</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>829</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>93,237</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>64,347</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>67,482</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>129,140</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>36,107</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>45,200</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,436,863</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,203,827</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,765,090</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>32,845,289</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>507,963</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,758,465</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>
     <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 align=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>11,137,401</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>84,715,000</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>68,583,502</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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,506,383</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,574,264</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>90,918,827</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,515,090</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>101,428,791</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,007,963</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,264,848</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>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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$25,000 per share liquidation preference, plus</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>unpaid dividends</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,5</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>125,957,367</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>173,861,498</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>270,890,746</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16,325,762</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>42,977,011</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 220,352,951</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 143,200,157</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 277,662,104</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 557,799,252</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 27,325,274</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 90,052,242</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e9f1fb colSpan=3 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>6,7,8</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 235,595,564</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>$ 629,126,544</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>$ 103,356,106</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>4,298,198</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,096,277</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,216,555</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,415,169</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>511,714</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,357,329</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(10,750,590)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(34,054,981)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,692,353)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(48,530,769)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,852,951)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(7,933,258)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>(8,790,221)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,630,717)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,046,674)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(32,211,692)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>179,416</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,727,935)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>$ 220,352,951</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 143,200,157</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 277,662,104</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 557,799,252</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 27,325,274</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 90,052,242</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>$ 13.00</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.73</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>$ 12.59</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.50</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.35</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>$ 364,664,985</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 243,267,919</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 463,768,046</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 929,685,870</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 42,458,198</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 149,713,666</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>$ 6,700,551</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,200,175</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,400,644</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,102,993</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,200,162</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,800,097</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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 colSpan=2 align=center><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 colSpan=2 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, par value $0.001</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=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>per share</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,038</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>10,835</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>653</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,719</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>Preferred Shares authorized</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,862</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>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>
<TR vAlign=bottom>
     <TD colSpan=2 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>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 colSpan=2 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 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>16,952,209</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>44,304,048</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>7,289,261</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8 </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>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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-Book,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</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=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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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=right>&nbsp;</TD>
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     <TD align=left>&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 colSpan=2 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>
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     <TD align=left>&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 colSpan=2 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; &nbsp; &nbsp; &nbsp; &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 colSpan=2 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>
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     <TD align=left>&nbsp;</TD>
     <TD 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 colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal Trust</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Trust</FONT></B>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months Ended October 31, 2009 (Unaudited)</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>(BKN)</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>(BTA)</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>(BKK)</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>(BFK)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&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>&nbsp; &nbsp; &nbsp; &nbsp;<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>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>
     <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>$ 10,372,659</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,986,924</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12,635,227</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 26,212,488</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,122,357</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,198,107</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>18,481</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,379</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,362</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27,189</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>320</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,739</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>10,391,140</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,992,303</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,642,589</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26,239,677</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>1,122,677</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,203,846</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>
     <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>616,789</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>693,939</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,114,565</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,621,786</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>129,461</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>428,090</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>264,337</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=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></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>94,092</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>126,440</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>200,788</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,570</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,523</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>32,633</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21,894</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>31,993</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>62,475</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,063</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,189</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>26,746</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,580</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>26,707</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>45,738</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,145</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24,341</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>24,030</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,207</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>32,023</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>59,481</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,982</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,994</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Officer and Trustees</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>19,387</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,893</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,646</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>49,768</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,315</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,650</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>18,409</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,688</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,318</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21,706</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>21,796</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,555</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>10,486</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,949</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>12,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,068</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,476</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,679</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>4,759</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,514</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,452</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7,713</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>410</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,392</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>36,444</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,826</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,906</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>63,697</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>12,952</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17,898</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>1,148,112</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>795,490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,415,090</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,155,220</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>204,170</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>551,311</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>33,973</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>450,626</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,319</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>148,951</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>1,107</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>25,688</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>1,182,085</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,246,116</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,426,409</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,304,171</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>205,277</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>576,999</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(7,501)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(279,876)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,680)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(335,327)</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>(1,214)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,936)</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</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,174,584</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>966,240</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,423,729</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,968,844</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>204,063</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>574,063</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>9,216,556</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,026,063</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,218,860</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,270,833</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>918,614</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,629,783</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>
     <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>
     <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>(1,214,375)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,818,330)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>661,933</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,533,202)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(302,629)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,766,883)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial futures contracts</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(20,793)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(72,394)</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>783,056</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>15,072</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>47,203</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>(1,235,168)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,890,724)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>661,933</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,750,146)</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>(287,557)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,719,680)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Change in unrealized appreciation/depreciation</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>on investments</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,268,143</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20,456,932</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,215,774</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>83,687,222</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>3,367,365</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,430,362</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</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,032,975</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,566,208</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,877,707</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>79,937,076</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>3,079,808</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>9,710,682</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>
     <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>(329,664)</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>(447,238)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(720,090)</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>(42,683)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(116,020)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Increase in Net Assets Applicable to Common</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; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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>$ 30,919,867</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 20,592,271</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 41,649,329</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 102,487,819</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,955,739</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13,224,445</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>
     <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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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; &nbsp; &nbsp; &nbsp; &nbsp; &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=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</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=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD colSpan=4 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>
     <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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust Inc. (BKN)</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>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</FONT></B>&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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</FONT></B>&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></TR>
<TR vAlign=bottom>
     <TD align=left>&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>October 31,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD align=left>&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>October 31,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<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" colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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=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>(Unaudited)</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=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>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>
     <TD style="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=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9,216,556</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>$ 5,026,063</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></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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,235,168)</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>(4,890,724)</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,268,143</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>20,456,932</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>(48,552,418)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>net investment income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(329,664)</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>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shareholders resulting from operations</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>30,919,867</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>20,592,271</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></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>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>
     <TD style="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=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>(7,665,264)</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>(4,470,626)</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></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>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>
     <TD style="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" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reinvestment of common dividends</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>287,284</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>&#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>&#151;</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</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23,541,887</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>16,121,645</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>
     <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</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 220,352,951</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>$ 143,200,157</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Undistributed net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 4,298,198</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>$ 2,096,277</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></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT 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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</FONT></B>&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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</FONT></B>&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></TR>
<TR vAlign=bottom>
     <TD align=left>&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>October 31,</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=left>&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>October 31,</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<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" colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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>(Unaudited)</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></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>
     <TD style="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=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11,218,860</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>$ 23,270,833</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></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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>661,933</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>(3,750,146)</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net change in unrealized appreciation/depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30,215,774</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>83,687,222</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>net investment income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(447,238)</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>(720,090)</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shareholders resulting from operations</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>41,649,329</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>102,487,819</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></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>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>
     <TD style="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=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>(7,558,381)</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>(20,435,847)</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></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>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>
     <TD style="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" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Reinvestment of common dividends</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>&#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>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>933,743</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></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</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total increase (decrease) in net assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>34,090,948</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>82,985,715</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Beginning of period</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>
     <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</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 277,662,104</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>$ 557,799,252</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Undistributed net investment income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,216,555</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>$ 9,415,169</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></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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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-Book,Arial,Helvetica,sans-serif>34</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=5 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>
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     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT 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=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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>Six Months</FONT></B>&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=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</FONT></B>&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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</FONT></B>&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></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>October 31,</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</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=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>December 31,</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>to April 30,</FONT></B>&nbsp;</TD>
     <TD 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:</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>(Unaudited)</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;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&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=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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></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>
     <TD style="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 colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 918,614</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 540,466</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,801,648</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,629,783</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></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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(287,557)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(220,388)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,066,925)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,719,680)</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></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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,367,365</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,311,593</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(5,698,117)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,430,362</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from net</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=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment income</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>(42,683)</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=left>&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>(116,020)</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><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets applicable to</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 style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shareholders resulting from operations</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>3,955,739</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=left>&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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,224,445</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></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>
     <TD style="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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(653,577)</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=left>&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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(3,006,554)</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></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>
     <TD style="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 common dividends</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>&#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=left>&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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>14,173</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></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>
     <TD style="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</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>3,302,162</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,224,513</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(6,761,702)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>10,232,064</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></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=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>
     <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=left>&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=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" 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</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 27,325,274</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" colSpan=2 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>$ 90,052,242</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></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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 511,714</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 156,046</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,357,329</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></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left>&nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="17%"></TD>
     <TD width="30%"></TD>
     <TD width="42%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Statement of Cash Flows</FONT>&nbsp;</TD>
     <TD colSpan=2 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 style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months Ended October 31, 2009 (Unaudited)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="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>Cash Used for 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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net increase in net assets resulting from operations</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 20,592,271</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Decrease in interest receivable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>73,219</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Increase in other assets</FONT>&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>(2,501)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Increase in 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>(10)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Increase in 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>16,857</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Decrease in 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>(257,667)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Increase in other affiliates payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>639</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Decrease in accrued expenses payable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(18,968)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Increase in Officer&#146;s and 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>2,790</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(15,638,602)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Amortization of premium and discount on investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>217,314</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash held as collateral</FONT>&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>(108,000)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Proceeds from sales and paydowns of long-term investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>46,398,151</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Purchases of long-term investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(51,591,175)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net purchases of short-term securities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(799,990)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash used for operating activities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(1,115,672)</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>Cash Provided by 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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash receipts from trust certificates</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,105,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash payments from trust certificates</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(2,525,000)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash dividends paid to Common Shareholders</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(4,437,263)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Cash provided by financing activities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,142,737</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>
     <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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27,065</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 align=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>57,369</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 84,434</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>
     <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>Cash paid during the period for interest</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 708,293</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>A Statement of Cash Flows is presented when a Trust had a significant amount of borrowing during the period based on the average borrowing outstanding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in relation to total assets.</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><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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>36</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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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 align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=6 align=right><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>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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=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 colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&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" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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=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>
     <TD style="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" 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>$ 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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.54</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>0.50</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>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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.32</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</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>
     <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 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>(0.02)</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.84</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</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>
     <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 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>(0.47)</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.00</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.56</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>
     <TD style="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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15.88%</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>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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>23.85%</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>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 colSpan=3 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</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>1.11%</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>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.19%</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>Total expenses after fees waived and before fees</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>paid indirectly</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>1.10%</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>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.19%</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 after fees waived and paid indirectly</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>1.10%</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>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.17%</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 paid indirectly</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>and excluding interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.07%</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>1.20%</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>1.07%</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>Net investment income</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>8.64%</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>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.84%</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.31%</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>0.87%</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>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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.33%</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>8.66%</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>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>
     <TD style="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,</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>
     <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>end of period (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>$ 220,353</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 $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 125,950</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" 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22%</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 at $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 68,740</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>
<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>Based on average shares outstanding.</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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 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>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. Where applicable,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</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; &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>Aggregate total investment return.</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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>Annualized.</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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 align=left>&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>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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>
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     <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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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; &nbsp; &nbsp; &nbsp; &nbsp; &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=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</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 colSpan=3 align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=2 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 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=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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=right><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=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><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=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&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=right><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=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <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>October 31,</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</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>2009</FONT></B>&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=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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><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 colSpan=2 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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>$ 9.52</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>
     <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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.38</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>0.34</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 colSpan=2 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>1.17</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.94</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 colSpan=2 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>1.55</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 colSpan=2 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>(0.34)</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 colSpan=2 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>&#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 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 10.73</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 9.88</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>
     <TD style="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 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.69%</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>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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.37%</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>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 colSpan=2 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>
     <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</FONT>&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>1.80%</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>2.95%</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>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>6</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>1.39%</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>2.55%</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>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>6</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>1.39%</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>2.55%</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>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>6</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and excluding interest expense</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; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7</FONT></SUP>&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>0.74%</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>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.83%</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>6</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7.24%</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>7.88%</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>6.56%</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>6</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>
     <TD style="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>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>$ 143,200</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 align=left>&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>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>
<TR vAlign=bottom>
     <TD colSpan=3 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>Commencement of operations. This information includes the initial investment of BlackRock Funding, Inc.</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 colSpan=5 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>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>Based on average shares outstanding.</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 colSpan=7 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>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. Where applicable,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</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;<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>&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;<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>&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 colSpan=7 align=left>&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>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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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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 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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&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=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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=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>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&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" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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>
     <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>
     <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" colSpan=2 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" 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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.55</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>0.35</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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.52</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</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>
     <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 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>(0.02)</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.05</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</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>
     <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 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>(0.37)</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" colSpan=2 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>$ 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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14.47</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>
     <TD style="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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17.08%</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>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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>17.06%</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>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 colSpan=3 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</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>1.07%</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>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.12%</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>Total expenses after fees waived and paid indirectly</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>1.06%</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>5</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.12%</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 after fees waived and paid indirectly and</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>excluding interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.06%</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>1.21%</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>1.10%</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>Net investment income</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>8.44%</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>5</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>5</FONT></SUP>&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>5</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.10%</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>8.69%</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>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>
     <TD style="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,</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>end of period (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>$ 277,662</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 $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 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>$ 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=left>&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>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 at $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 64,930</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>
<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>Based on average shares outstanding.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=10 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>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. Where applicable,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</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; &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>Aggregate total investment return.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>Annualized.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=10 align=left>&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>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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>
     <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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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; &nbsp; &nbsp; &nbsp; &nbsp; &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=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>39</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=2 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 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 Municipal Income Trust (BFK)</FONT></B>&nbsp;</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>Six Months</FONT></B>&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>
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     <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>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=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=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>October 31,</FONT></B>&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>
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<TR vAlign=bottom>
     <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</FONT></B>&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 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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=right><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>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><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 colSpan=2 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>
     <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>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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" 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>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&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>0.53</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>0.52</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>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.80</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 colSpan=2 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>
     <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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.02)</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 align=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>&#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=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 colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2.31</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 colSpan=2 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>
     <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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.46)</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 align=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>&#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=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 colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.46)</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 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.59</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.50</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>
     <TD style="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 align=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>21.79%</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>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=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>16.99%</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>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 colSpan=4 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</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.25%</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>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.38%</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 colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>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>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>&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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly and</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>excluding interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5,7</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>1.07%</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>1.15%</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>0.98%</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>Net investment income</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.80%</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>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.34%</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 colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>6</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.70%</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>2.19%</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" colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.53%</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>9.78%</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>6.15%</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>
     <TD style="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>Net assets applicable to Common Shareholders,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>end of period (000)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 557,799</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding at $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 270,875</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 align=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%</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset coverage per Preferred Share at $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 76,483</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>
<TR vAlign=bottom>
     <TD colSpan=2 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>Based on average shares outstanding.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>Amount is less than $(0.01) per share.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 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>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. Where applicable,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</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 colSpan=2 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>Aggregate total investment return.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left>&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>Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>Annualized.</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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 align=left>&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>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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bond trusts.</FONT>&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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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>
     <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" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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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 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>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&nbsp;</TD>
     <TD align=right><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>
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     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 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>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>
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     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><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" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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><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>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><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>
     <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" colSpan=2 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" 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>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net investment income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.45</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>0.27</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>
<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=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.52</FONT>&nbsp;</TD>
     <TD align=center><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</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>
     <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 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>(0.02)</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.95</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><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</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>
     <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 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>(0.18)</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 13.50</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" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.92</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>
     <TD style="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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>16.96%</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>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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>24.45%</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>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 colSpan=3 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</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>1.57%</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>Total expenses after fees waived and before fees</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>paid indirectly</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>1.57%</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 after fees waived and paid indirectly</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>1.57%</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 paid indirectly</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>and excluding interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,7</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>1.56%</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>1.42%</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>Net investment income</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>7.05%</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.33%</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>0.56%</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>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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6.72%</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>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>
     <TD style="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,</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>end of period (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>$ 27,325</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 $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 16,325</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=left>&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>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 at $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 66,847</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>
<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>Based on average shares outstanding.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=10 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>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. Where applicable,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</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; &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>Aggregate total investment return.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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>Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>Annualized.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=10 align=left>&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>Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=10 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=10 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.89%, 1.89%, 7.09% and 6.53%, respectively.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=10 align=left>&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>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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>
     <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>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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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; &nbsp; &nbsp; &nbsp; &nbsp; &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=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=3 align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>41</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD colSpan=2 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 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=left>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&nbsp;</TD>
     <TD align=right><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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>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=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=2 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>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=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>(Unaudited)</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><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>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><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 colSpan=2 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>
     <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>Net asset value, beginning of period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 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" 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=left>&nbsp;</TD>
     <TD align=left>&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 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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.33</FONT>&nbsp;</TD>
     <TD align=center><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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders from</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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=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>(0.02)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.02)</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 colSpan=2 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=left>&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=center><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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Dividends to Common Shareholders from</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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=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>(0.41)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(0.25)</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 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 12.35</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 11.83</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>
     <TD style="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 align=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>16.91%</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>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=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>20.81%</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>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 colSpan=4 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</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.34%</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and before fees</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>paid indirectly</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.33%</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 colSpan=2 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>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>1.33%</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Total expenses after fees waived and paid indirectly</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and excluding interest expense and fees</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,7</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>1.27%</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>1.40%</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>Net investment income</FONT><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.42%</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 colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>5</FONT></SUP>&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>5</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" colSpan=2 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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8.15%</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>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>
     <TD style="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>Net assets applicable to Common Shareholders,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <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>end of period (000)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 90,052</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares outstanding at $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period (000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 42,975</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 align=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>18%</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Asset coverage per Preferred Share at $25,000 liquidation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preference, end of period</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 77,388</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>
<TR vAlign=bottom>
     <TD colSpan=2 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>Based on average shares outstanding.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 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>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. Where applicable,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=7 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</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 colSpan=2 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>Aggregate total investment return.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 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>Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&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>Annualized.</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>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 align=left>&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>Annualized. Certain expenses incurred during the period January 1, 2009 to April 30, 2009 have been included in the ratio but not annualized. If these expenses were annualized,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the annualized ratio of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.91%, 1.89%,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.89%, 1.89%, 7.09% and 6.53%, respectively.</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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=11 align=left>&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>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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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>
     <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><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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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-Book,Arial,Helvetica,sans-serif>42</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements </FONT><FONT color=#0035c4 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Unaudited)</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;BKN&#148;) is organized</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as a Maryland corporation. BlackRock Long-Term Municipal Advantage</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust (&#147;BTA&#148;), BlackRock Municipal 2020 Term Trust (&#147;BKK&#148;), BlackRock</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Income Trust (&#147;BFK&#148;), BlackRock Pennsylvania Strategic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Trust (&#147;BPS&#148;) and BlackRock Strategic Municipal Trust (&#147;BSD&#148;)</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(collectively, the &#147;Trusts&#148; or individually as the &#147;Trust&#148;) are organized as</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Delaware statutory trusts. BKN, BKK, BFK and BSD are registered under</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>diversified, closed-end management investment companies. BTA and BPS</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are registered under the 1940 Act as non-diversified, closed-end manage-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ment investment companies. The Trusts&#146; financial statements are prepared</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in 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 and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>estimates. Actual results may differ from these estimates. The Board of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Directors and the Board of Trustees of the Trusts are referred to throughout</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>this report as the &#147;Board of Trustees&#148; or the &#147;Board.&#148; Each Trust determines,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and makes available for publication the net asset value of its Common</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal investments (including commitments to purchase</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>such investments on a &#147;when-issued&#148; basis) are valued on the basis of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>prices provided by dealers or pricing services selected under the super-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>vision of each Trust&#146;s Board. In determining the value of a particular</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment, pricing services may use certain information with respect to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>transactions in such investments, quotations from dealers, pricing matrixes,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>market transactions in comparable investments and information with</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>respect to various relationships between investments. Financial futures</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>contracts traded on exchanges are valued at their last sale price. Short-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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><BR>
<BR>
<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 or is not available, the investment will be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>valued by a method approved by each Trust&#146;s Board as reflecting fair value</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(&#147;Fair Value Assets&#148;). When determining the price for Fair Value Assets, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment advisor and/or sub-advisor seeks to determine the price that</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Trust might reasonably expect to receive from the current sale of that</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>asset in an arm&#146;s length transaction. Fair value determinations shall be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>based upon all available factors that the investment advisor and/or sub-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>advisor deems relevant. The pricing of all Fair Value Assets is subsequently</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reported to the Board or a committee thereof.</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></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>commitment is made. The Trusts may purchase securities under such con-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ditions with the intention of actually acquiring them, but may enter into a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>separate agreement to sell the securities before the settlement date. Since</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the value of securities purchased may fluctuate prior to settlement, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts may be required to pay more at settlement than the security is worth.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In addition, the purchaser is not entitled to any of the interest earned prior</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to settlement. When purchasing a security on a delayed-delivery basis, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts assume the rights and risks of ownership of the security, including</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the risk of price and yield fluctuations. In the event of default by the coun-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>terparty, the Trusts&#146; maximum amount of loss is the unrealized gain of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>commitment, which is shown on the Schedules of Investments, if any.</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>: The Trusts</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>leverage their 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>a Trust include the right of the Trust (1) to cause the holders of a propor-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tional share of the floating rate certificates to tender their certificates at</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 Trust. The TOB may also be terminated</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>without the consent of the Trust upon the occurrence of certain events as</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>defined in the TOB agreements. Such termination events may include the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bankruptcy or default of the municipal bond, a substantial downgrade in</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>credit quality of the municipal bond, the inability of the TOB to obtain quar-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>terly or annual renewal of the liquidity support agreement, a substantial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>decline in market value of the municipal bond or the inability to remarket</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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. Each Trust&#146;s 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 Trust&#146;s</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><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to a TOB are reported as expenses of the Trusts. The floating rate certifi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cates have interest rates that generally reset weekly and their holders have</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the option to tender certificates to the TOB for redemption at par at each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reset date. At October 31, 2009, the aggregate value of the underlying</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>municipal bonds transferred to TOBs, the related liability for trust</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 43</FONT></P>
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     <TD colSpan=4 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (continued)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>certificates and the range of interest rates on the liability for trust certifi-</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>cates were as follows:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Underlying</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Municipal</FONT></B></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=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>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>Range of</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=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>Interest Rates</FONT></B>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 21,162,415</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11,137,401</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.24% &#150; 0.49%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$126,765,179</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$84,715,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.12% &#150; 0.70%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 5,446,700</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>0.49%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$122,456,994</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$68,583,502</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.20% &#150; 0.57%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,013,490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 500,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.25%</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>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 22,943,174</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$12,506,383</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.20% &#150; 0.49%</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the six months ended October 31, 2009, the Trusts&#146; average trust cer-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tificates outstanding and the daily weighted average interest rate, including</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fees, were as follows:</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>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Daily</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Weighted</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Average Trust</FONT></B>&nbsp;</TD>
     <TD 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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Certificates</FONT></B>&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 style="BORDER-BOTTOM: #000000 1px solid" 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>Outstanding</FONT></B>&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>BKN</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$10,813,206</FONT>&nbsp;</TD>
     <TD 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>BTA</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$80,187,243</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1.09%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 3,750,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$61,385,238</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.47%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 488,281</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.64%</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>BSD</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>$10,967,379</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.46%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Should short-term interest rates rise, the Trusts&#146; investments in TOBs may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>adversely affect the Trusts&#146; investment income and distributions to Common</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shareholders. Also, fluctuations in the market value of municipal bonds</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>deposited into the TOB may adversely affect the Trusts&#146; net asset value</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 a Trust either delivers collateral or segregates assets in connec-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion with certain investments (e.g., financial futures contracts) each Trust</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>will, consistent with SEC rules and/or certain interpretive letters issued by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the SEC, segregate collateral or designate on its books and records cash or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>other liquid securities having a market value at least equal to the amount</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that would otherwise be required to be physically segregated. Furthermore,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>based on requirements and agreements with certain exchanges and third</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>party broker-dealers, each party has requirements to deliver/deposit secu-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rities as collateral for certain investments.</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>For financial reporting</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>purposes, investment transactions are recorded on the dates the trans-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>actions are entered into (the trade dates). Realized gains and losses on</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>security transactions are determined on the identified cost basis. Dividend</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>income is recorded on the ex-dividend dates. Interest income is recognized</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the accrual method. Each Trust amortizes all premiums and discounts</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 6.</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 remain open for the year or period</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ended April 30, 2009 and the preceding three taxable years of the respec-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tive Trust. The statutes of limitations on the Trusts&#146; state and local tax returns</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may remain open for an additional year depending upon the jurisdiction.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Recent Accounting Standards: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In June 2009, amended guidance was</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>issued by the Financial Accounting Standards Board for transfers of finan-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cial assets. This guidance is intended to improve the relevance, represen-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tational faithfulness and comparability of the information that a reporting</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>entity provides in its financial statements about a transfer of financial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets; the effects of a transfer on its financial position, financial perform-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ance, and cash flows; and a transferor&#146;s continuing involvement, if any,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in transferred financial assets. The amended guidance is effective for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>financial statements for fiscal years and interim periods beginning after</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>November 15, 2009. Earlier application is prohibited. The recognition and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>measurement provisions of this guidance must be applied to transfers</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>occurring on or after the effective date. Additionally, the enhanced disclo-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sure provisions of the amended guidance should be applied to transfers</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that occurred both before and after the effective date of this guidance. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>impact of this guidance on the Trusts&#146; financial statements and disclosures,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>if any, 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 each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s Board, non-interested Trustees (&#147;Independent Trustees&#148;) may defer</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a portion of their annual complex-wide compensation. Deferred amounts</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>earn an approximate return as though equivalent dollar amounts had been</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>invested in common shares of other certain BlackRock Closed-End Funds</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>selected by the Independent Trustees. This has approximately the same</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>economic effect for the Independent Trustees as if the Independent Trustees</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>had invested the deferred amounts directly in the other certain BlackRock</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 thereunder</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 in 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 in the Statements of Operations.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>44 SEMI-ANNUAL REPORT OCTOBER 31, 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>Other: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Expenses directly related to each Trust are charged to that</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust. Other operating expenses shared by several funds are pro-rated</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>among those funds on the basis of relative net assets or other</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>appropriate methods.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>2. Derivative Financial Instruments:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts may engage in various portfolio investment strategies both to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>increase the returns of the Trusts and to economically hedge, or protect,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>their exposure to interest rate risk. Losses may arise if the value of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>contract decreases due to an unfavorable change in the value of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>underlying security, or if the counterparty does not perform under the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>contract. To the extent amounts due to the Trusts from their counterparties</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are not fully collateralized contractually or otherwise, the Trusts bear the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>risk of loss from counterparty non-performance. See Note 1 &#147;Segregation</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and Collateralization&#148; for information with respect to collateral practices.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Counterparty risk related to exchange-traded financial futures contracts is</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>minimal because of the protection against defaults provided by the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>exchange on which they trade.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Financial Futures Contracts: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts may purchase or sell financial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>futures contracts and options on financial futures contracts to gain expo-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sure to, or economically hedge against, changes in interest rates (interest</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate risk). Financial futures contracts are contracts for delayed delivery of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>securities at a specific future date and at a specific price or yield. Pursuant</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to the contract, the Trusts agree to receive from or pay to the broker an</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>amount of cash equal to the daily fluctuation in value of the contract. Such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>receipts or payments are known as margin variation and are recognized by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trusts as unrealized gains or losses. When the contract is closed, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts record a realized gain or loss equal to the difference between the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>value of the contract at the time it was opened and the value at the time it</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>was closed. The use of financial futures contracts involves the risk of an</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>imperfect correlation in the movements in the price of financial futures</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>contracts, interest rates and the underlying assets.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="22%"></TD>
     <TD width="18%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="14%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Derivative Instruments Categorized by Risk Exposure:</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 colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>The Effect of Derivative Instruments of the Statements of Operations</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=4 align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months Ended October 31, 2009*</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Net Realized Gain (Loss) From</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BKN</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BTA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BFK</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BPS</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BSD</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Interest rate</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>contracts:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Financial</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>futures</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>contracts</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (20,793)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ (72,394)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$783,056</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 15,072</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 47,203</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>* As of October 31, 2009, there were no financial futures contracts outstanding.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>During the six months ended October 31, 2009, the Funds had limited activity</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in these transactions.</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=FranklinGothic-Demi,Arial,Helvetica,sans-serif>3. 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>The PNC Financial Services Group, Inc. (&#147;PNC&#148;) and Bank of America</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Corporation (&#147;BAC&#148;) are the largest stockholders of BlackRock, Inc.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(&#147;BlackRock&#148;). Due to the ownership structure, PNC is an affiliate for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1940 Act purposes, but BAC is not.</FONT></P>
<P align=left><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;Manager&#148;), the Trusts&#146; investment advisor, an indirect,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>wholly owned subsidiary of BlackRock, to provide investment advisory and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>administration services.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Manager 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 Manager 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 annual rates:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="48%"></TD>
     <TD width="51%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD>
     <TD align=left><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>BTA</FONT>&nbsp;</TD>
     <TD align=left><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>BKK</FONT>&nbsp;</TD>
     <TD align=left><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>BFK</FONT>&nbsp;</TD>
     <TD align=left><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>BPS</FONT>&nbsp;</TD>
     <TD align=left><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>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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 BTA, is the average</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>weekly value of each Trust&#146;s total assets minus the sum of its accrued lia-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>bilities. For BTA, average weekly net assets is the average weekly value of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trust&#146;s total assets minus the sum of its total liabilities.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Manager 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="19%"></TD>
     <TD width="61%"></TD>
     <TD width="18%"></TD></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>BTA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>January 31, 2008 &#150; January 31, 2011</FONT>&nbsp;</TD>
     <TD align=right><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=right><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=right><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=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>BFK</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>July 31, 2008 &#150; July 31, 2009</FONT>&nbsp;</TD>
     <TD align=right><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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.05%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the six months ended October 31, 2009, the Manager waived the fol-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lowing amounts, which are included in fees waived by advisor in the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Statements of Operations.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Fees Waived</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>by Manager</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$278,179</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>BFK</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>$323,964</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Additionally, the Manager has agreed to waive its advisory fees by the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>amount of investment advisory fees each Trust pays to the Manager indi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rectly through its investment in affiliated money market funds, which are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>included in fees waived by advisor in the Statements of Operations. For the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>six months ended October 31, 2009, the amounts waived were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="45%"></TD>
     <TD width="54%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Fees Waived</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>by Manager</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,501</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,697</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$11,363</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 1,214</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>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 2,936</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 45</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=-->
<A name="page_47"></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>The Manager 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 Manager,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>under which the Manager pays BFM, for services it provides, a monthly fee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that is a percentage of the investment advisory fee paid by the Trusts to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Manager.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN has an Administration Agreement with the Manager. The administration</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fee paid to the Manager is computed at an annual rate of 0.15% of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s average weekly net assets including proceeds from the issuance of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares and TOBs.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the six months ended October 31, 2009, certain Trust&#146;s reimbursed the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Manager for certain accounting services in the following amounts, which</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>are included in accounting services in the Statements of Operations.</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="43%"></TD>
     <TD width="56%"></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>Reimbursement</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$2,396</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$4,370</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$8,937</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 428</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>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$1,234</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Certain officers and/or trustees of the Trusts are officers and/or directors of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock or its affiliates. The Trusts reimburse the Manager for compensa-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion paid to the Trusts&#146; Chief Compliance Officer.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>4. Investments:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Purchases and sales of investments, excluding short-term securities, for the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>six months ended October 31, 2009 were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="47%"></TD>
     <TD width="22%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Purchases</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sales</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 85,896,962</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 75,472,356</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 54,084,061</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 45,547,898</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 23,253,635</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 17,193,457</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$114,766,354</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$102,759,562</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 7,090,667</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 6,242,835</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>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 23,954,360</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 26,237,766</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>5. 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</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in a single state or limited number of states. Please see the Schedules</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Investments for concentrations in specific states.</FONT><BR>
<BR>
<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 securi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ties are owned by the Trusts; conditions affecting the general economy;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>overall market changes; local, regional or global political, social or eco-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>nomic instability; and currency and interest rate and price fluctuations.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Similar to credit risk, the Trusts may be exposed to counterparty risk, or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the risk that an entity with which the Trusts have unsettled or open trans-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>actions may default. Financial assets, which potentially expose the Trusts</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to credit and counterparty risks, consist principally of investments and cash</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>due from counterparties. The extent of the Trusts&#146; exposure to credit and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>counterparty risks with respect to these financial assets is approximated</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>by their value recorded in the Trusts&#146; Statements of Assets and Liabilities,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>less any collateral held by the Trusts.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>6. Capital Share Transactions:</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA, BKK, BFK, BPS and BSD are authorized to issue an unlimited number</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of shares, including Preferred Shares, par value $0.001 per share, all of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>which were initially classified as Common Shares. BKN is authorized to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>issue 200 million shares, including Preferred Shares, all of which were</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>initially classified as Common Shares par value $0.01 per share. Each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust&#146;s Board is authorized, however, to reclassify any unissued shares</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>without 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>At October 31, 2009, the shares owned by an affiliate of the Manager of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Trusts were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="26%"></TD>
     <TD width="44%"></TD>
     <TD width="13%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&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>9,704</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>BKK</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>8,028</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For the periods shown, shares issued and outstanding increased by the fol-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lowing amounts as a result of dividend reinvestment:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Six Months</FONT></B>&nbsp;</TD>
     <TD align=right><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=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Ended</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>October 31,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>April 30,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>22,772</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>79,374</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></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</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>1,436</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>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,237</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></TR></TABLE><BR>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Shares issued and outstanding remained constant for BTA and BKK for the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>current period, prior year 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</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>plus any accumulated unpaid dividends whether or not declared. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares are also subject to mandatory redemption at their liqui-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dation preference plus any accumulated or unpaid dividends, whether or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>not declared, if certain requirements relating to the composition of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assets and liabilities of a Trust, as set forth in each Trust&#146;s Statement of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferences/Articles Supplementary (&#147;Governing Instrument&#148;), as applica-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ble, are not satisfied.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>From time to time in the future, each Trust that has issued Preferred Shares</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may effect repurchases of such shares at prices below their liquidation</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>preferences as agreed upon by the Trusts and seller. Each Trust also may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 Trust intends 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</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>46 SEMI-ANNUAL REPORT OCTOBER 31, 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_48"></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>of Common Shares (one vote per share) as a single class. However, holders</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of Preferred Shares, voting as a separate class, are also entitled to elect</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>two Trustees for each Trust. In addition, the 1940 Act requires that along</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with approval by shareholders that might otherwise be required, the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>approval of the holders of a majority of any outstanding Preferred Shares</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>voting separately as a class, would be required to (a) adopt any plan of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reorganization that would adversely affect the Preferred Shares, (b) change</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a Trust&#146;s sub-classification as a closed-end investment company or change</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>its fundamental investment restrictions or (c) change its business so as to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cease to 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 October 31, 2009:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="27%"></TD>
     <TD width="18%"></TD>
     <TD width="18%"></TD>
     <TD width="15%"></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=center><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=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred</FONT></B>&nbsp;</TD>
     <TD align=left><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=left>&nbsp; &nbsp; &nbsp;<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>BKN</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>2,804</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<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>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>2,234</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.43%</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>BKK</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=left>&nbsp; &nbsp; &nbsp;<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>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=left>&nbsp; &nbsp; &nbsp;<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>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=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.43%</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>BFK</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>2,167</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<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>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>2,167</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<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>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>2,167</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<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>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>2,167</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp;<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>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>2,167</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.43%</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>BPS</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>653</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.43%</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>BSD</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>1,719</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.43%</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</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a rate which is reset every seven or 28 days, respectively, based on the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>results of an auction. If the Preferred Shares fail to clear the auction on an</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>auction date, the affected Trust is required to pay the maximum applicable</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rate on the Preferred Shares to holders of such shares for successive divi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dend periods until such time as the shares are successfully auctioned. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>maximum applicable rate on all series of Preferred Shares is the higher of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>110% of the AA commercial paper rate or 110% of 90% of the Kenny S&amp;P</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The low, high and average dividend rates on the Preferred Shares for each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust for the six months ended October 31, 2009 were as follows:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="28%"></TD>
     <TD width="18%"></TD>
     <TD width="17%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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=center><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>BKN</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T7</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.40%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.67%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</FONT>&nbsp;</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.40%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.63%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.49%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.40%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.76%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.38%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.66%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</FONT>&nbsp;</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.35%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.76%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><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>BFK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>M7</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.40%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.76%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.40%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.67%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.38%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.66%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.35%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.64%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.49%</FONT>&nbsp;</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.35%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.76%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</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>BPS</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.38%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.66%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</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>BSD</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=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.38%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.66%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>0.50%</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 each Trust failed to clear</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>any of their auctions. As a result, the Preferred Shares dividend rates were</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reset to the maximum applicable rate that ranged from 0.35% to 0.76% for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the six months ended October 31, 2009. A failed auction is not an event of</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>default for the Trusts but it has a negative impact on the liquidity of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares. A failed auction occurs when there are more sellers of a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>trust&#146;s auction rate preferred shares than buyers. It is impossible to predict</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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, Preferred Shareholders may not have the ability to sell the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 decla-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ration, distribution or purchase, asset coverage with respect to the out-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>standing Preferred Shares is less than 200%.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts pay commissions of 0.25% on the aggregate principal amount</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of all shares that successfully clear their auctions and 0.15% on the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>aggregate principal amount of all shares that fail to clear their auctions.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Certain broker-dealers have individually agreed to reduce commissions for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>failed auctions.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>During the six months ended October 31, 2009, the Trusts announced the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>following redemptions of Preferred Shares at a price of $25,000 per share</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>plus any accrued and unpaid dividends through the redemption dates:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="24%"></TD>
     <TD width="20%"></TD>
     <TD width="18%"></TD>
     <TD width="17%"></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=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>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>BKN</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>$ 550,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT 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>BFK</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>$4,450,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/09/09</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 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>BSD</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>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>During the period ended April 30, 2009, the Trusts announced the following</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>accrued and unpaid dividends through the redemption date:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&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=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>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>BKN</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>6/25/08</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>$10,900,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>T28</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>7/09/08</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>348</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 8,700,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</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>6/24/08</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>6/26/08</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>6/30/08</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>BFK</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>6/24/08</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>6/25/08</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>6/26/08</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>6/27/08</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>6/30/08</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>$16,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6/26/08</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 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>BSD</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>6/26/08</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>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Trusts financed the Preferred Shares redemptions with cash received</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>from TOBs.</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 colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares issued and outstanding for the year ended October 31,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2008 for BKN, BTA and BFK and the year ended December 31, 2008 for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK, BPS and BSD remained constant.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 47</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
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     <TD colSpan=5 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notes to Financial Statements (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>7. Capital Loss Carryforwards:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 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</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>offset future realized capital gains through the indicated expiration dates:</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>Expires April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BKN</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BTA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BKK</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BFK</FONT></B>&nbsp;</TD>
     <TD 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>$11,445,922</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>15,775,833</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 264,701</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=left>&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=left>&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=left>&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=left>&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>2,065,704</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</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$9,802,068</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$29,636,892</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$1,201,418</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$45,092,967</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Expires April 30,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BPS</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>BSD</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 427,602</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>2013</FONT>&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>$ 133,646</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,011,077</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>2016</FONT>&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>127,957</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>251,883</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>2017</FONT>&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>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>
     <TD align=left>&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 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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>8. Subsequent Events:</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 colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Management&#146;s evaluation of the impact of all subsequent events on the</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trusts&#146; financial statements was completed through December 23, 2009,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the date the financial statements were issued.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Trust paid a net investment income dividend on December 1, 2009 to</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Common Shareholders of record on November 13, 2009 as follows:</FONT>&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 colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Common Dividend</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>Per Share</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD>
     <TD align=left>&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>$0.08150</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>BTA</FONT>&nbsp;</TD>
     <TD align=left>&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>$0.05750</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>BKK</FONT>&nbsp;</TD>
     <TD align=left>&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>$0.06225</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>BFK</FONT>&nbsp;</TD>
     <TD align=left>&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>$0.07860</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>BPS</FONT>&nbsp;</TD>
     <TD align=left>&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>$0.06400</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>BSD</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=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$0.07000</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The dividends declared on Preferred Shares for the period November 1,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009 to November 31, 2009 were as follows:</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 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=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Dividends</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=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>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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&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>T7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 23,654</FONT>&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=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>$ 19,214</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>BKK</FONT>&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>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 18,777</FONT>&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=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>$ 19,248</FONT>&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=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>$ 18,802</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>BFK</FONT>&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>M7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 21,731</FONT>&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=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>$ 21,216</FONT>&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=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>$ 21,067</FONT>&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=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>$ 20,845</FONT>&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=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>$ 21,699</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>BPS</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=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>$ 5,423</FONT>&nbsp;</TD>
     <TD 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>BSD</FONT>&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>W7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>$ 14,287</FONT>&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-Book,Arial,Helvetica,sans-serif>48</FONT>&nbsp;</TD>
     <TD colSpan=3 align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>OCTOBER 31, 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of Trustees (each, a &#147;Board&#148; and, collectively, the &#147;Boards,&#148; and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the members of which are referred to as &#147;Board Members&#148;) of each of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Investment Quality Municipal Trust (&#147;BKN&#148;), BlackRock Long-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Term Municipal Advantage Trust (&#147;BTA&#148;), BlackRock Municipal 2020 Term</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Trust (&#147;BKK&#148;), BlackRock Municipal Income Trust (&#147;BFK&#148;), BlackRock</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pennsylvania Strategic Municipal Trust (&#147;BPS&#148;) and BlackRock Strategic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Municipal Trust (&#147;BSD,&#148; and together with BKN, BTA, BKK, BFK and BPS,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each a &#147;Fund,&#148; and, collectively, the &#147;Funds&#148;) met on April 14, 2009 and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>May 28 &#150; 29, 2009 to consider the approval of each Fund&#146;s investment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>advisory agreement (each, an &#147;Advisory Agreement&#148;) with BlackRock</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Advisors, LLC (the &#147;Manager&#148;), each Fund&#146;s investment advisor. Each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board also considered the approval of the sub-advisory agreement (each,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>a &#147;Sub-Advisory Agreement&#148;) between its respective Fund, the Manager</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and BlackRock Financial Management, Inc. (the &#147;Sub-Advisor&#148;). The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Manager and the Sub-Advisor are referred to herein as &#147;BlackRock.&#148; The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Advisory Agreements and the Sub-Advisory Agreements are referred to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>herein as the &#147;Agreements.&#148; Unless otherwise indicated, references to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>actions taken by the &#147;Board&#148; or the &#147;Boards&#148; shall mean each Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>acting independently with respect to its respective Fund.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>Activities and Composition of the Boards</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board consists of twelve individuals, ten of whom are not &#147;interested</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>persons&#148; of the Funds as defined in the Investment Company Act of 1940,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as amended (the &#147;1940 Act&#148;) (the &#147;Independent Board Members&#148;). The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Members of each Fund are responsible for the oversight of the oper-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ations of such Fund and perform the various duties imposed on the direc-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tors of investment companies by the 1940 Act. The Independent Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Members have retained independent legal counsel to assist them in con-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>nection with their duties. The Chairman of each Board is an Independent</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Member. Each Board has established five standing committees:</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>an Audit Committee, a Governance and Nominating Committee, a Compli-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ance Committee, a Performance Oversight Committee and an Executive</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Committee, each of which is composed of Independent Board Members</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(except for the Executive Committee, which has one interested Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Member) and is chaired by an Independent Board Member. In addition,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Board has established an Ad Hoc Committee on Auction Market</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Preferred Shares.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>The Agreements</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Pursuant to the 1940 Act, each Board is required to consider the continuation</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of the Agreements on an annual basis. In connection with this process, each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board assessed, among other things, the nature, scope and quality of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>services provided to its respective Fund by the personnel of BlackRock and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>its affiliates, including investment management, administrative and shareholder</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>services, oversight of fund accounting and custody, marketing services and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assistance in meeting applicable legal and regulatory requirements.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Throughout the year, the Boards, acting directly and through their commit-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tees, consider at each of their meetings factors that are relevant to their</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>annual consideration of the renewal of the Agreements, including the serv-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ices and support provided by BlackRock to the Funds and their shareholders.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Among the matters the Boards considered were: (a) investment perform-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ance for one-, three- and five-year periods, as applicable, against peer</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>funds, and applicable benchmarks, if any, as well as senior management</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and portfolio managers&#146; analysis of the reasons for any out performance or</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>underperformance against each Fund&#146;s peers; (b) fees, including advisory</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fees and, with respect to BKN, administration fees, and other amounts paid</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to BlackRock and its affiliates by the Funds for services such as call center</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and fund accounting; (c) the Funds&#146; operating expenses; (d) the resources</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>devoted to, and compliance reports relating to, the Funds&#146; investment</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>objectives, policies and restrictions; (e) the Funds&#146; compliance with their</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Code of Ethics and compliance policies and procedures; (f) the nature,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cost and character of non-investment management services provided by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock and its affiliates; (g) BlackRock&#146;s and other service providers&#146;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>internal controls; (h) BlackRock&#146;s implementation of the proxy voting poli-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cies approved by the Boards; (i) execution quality of portfolio transactions;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(j) BlackRock&#146;s implementation of the Funds&#146; valuation and liquidity proce-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>dures; and (k) periodic updates on BlackRock&#146;s business.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>Board Considerations in Approving the Agreements</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>The Approval Process: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Prior to the April 14, 2009 meeting, each Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>requested and received materials specifically relating to the Agreements.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board is engaged in an ongoing process with BlackRock to continu-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ously review the nature and scope of the information provided to better</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assist their deliberations. The materials provided in connection with the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>April meeting included (a) information independently compiled and pre-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>pared by Lipper, Inc. (&#147;Lipper&#148;) on Fund fees and expenses, and the invest-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ment performance of each Fund as compared with a peer group of funds</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as determined by Lipper and, where applicable, a customized peer group</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>selected by BlackRock (collectively, &#147;Peers&#148;); (b) information on the prof-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>itability of the Agreements to BlackRock and a discussion of fall-out bene-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fits to BlackRock and its affiliates and significant shareholders; (c) a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>general analysis provided by BlackRock concerning investment advisory</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fees charged to other clients, such as institutional clients and open-end</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>funds, under similar investment mandates, as well as the performance of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>such other clients; (d) the impact of economies of scale; (e) a summary</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of aggregate amounts paid by each Fund to BlackRock; and (f) an internal</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>comparison of management fees classified by Lipper, if applicable.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>At an in-person meeting held on April 14, 2009, each Board reviewed</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>materials relating to its consideration of the Agreements. As a result of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>discussions that occurred during the April 14, 2009 meeting, the Boards</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>presented BlackRock with questions and requests for additional informa-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion and BlackRock responded to these requests with additional written</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>information in advance of the May 28 &#150; 29, 2009 Board meeting.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>At an in-person meeting held on May 28 &#150; 29, 2009, each Fund&#146;s Board,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>including the Independent Board Members, unanimously approved the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>continuation of the Advisory Agreement between the Manager and such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fund and the Sub-Advisory Agreement between such Fund, the Manager</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and the Sub-Advisor, each for a one-year term ending June 30, 2010. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Boards considered all factors they believed relevant with respect to the</FONT></P>
<P align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 49</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Funds, including, among other factors: (a) the nature, extent and quality of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the services provided by BlackRock; (b) the investment performance of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Funds and BlackRock portfolio management; (c) the advisory fee and the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cost of the services and profits to be realized by BlackRock and certain</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>affiliates from their relationship with the Funds; (d) economies of scale;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and (e) other factors.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board also considered other matters it deemed important to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>approval process, such as services related to the valuation and pricing</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of its respective Fund&#146;s portfolio holdings, direct and indirect benefits</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>to BlackRock and its affiliates and significant shareholders from their rela-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tionship with such Fund and advice from independent legal counsel with</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>respect to the review process and materials submitted for the Board&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>review. The Boards noted the willingness of BlackRock personnel to engage</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>in open, candid discussions with the Boards. The Boards did not identify</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>any particular information as controlling, and each Board Member may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>have attributed different weights to the various items considered.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>A. Nature, Extent and Quality of the Services: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board, including its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Independent Board Members, reviewed the nature, extent and quality of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>services provided by BlackRock, including the investment advisory services</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and the resulting performance of its respective Fund. Throughout the year,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Board compared its respective Fund&#146;s performance to the perform-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ance of a comparable group of closed-end funds, and the performance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of a relevant benchmark, if any. The Boards met with BlackRock&#146;s senior</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>management personnel responsible for investment operations, including</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the senior investment officers. Each Board also reviewed the materials</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>provided by its respective Fund&#146;s portfolio management team discussing</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>such Fund&#146;s performance and such Fund&#146;s investment objective, strategies</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and outlook.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board considered, among other factors, the number, education and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>experience of BlackRock&#146;s investment personnel generally and its respec-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tive Fund&#146;s portfolio management team, investments by portfolio man-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>agers in the funds they manage, BlackRock&#146;s portfolio trading capabilities,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock&#146;s use of technology, BlackRock&#146;s commitment to compliance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and BlackRock&#146;s approach to training and retaining portfolio managers</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and other research, advisory and management personnel. Each Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>also reviewed a general description of BlackRock&#146;s compensation structure</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with respect to its respective Fund&#146;s portfolio management team and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock&#146;s ability to attract and retain high-quality talent.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In addition to advisory services, each Board considered the quality of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the administrative and non-investment advisory services provided to its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>respective Fund. BlackRock and its affiliates and significant shareholders</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>provide the Funds with certain administrative and other services (in addi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion to any such services provided to the Funds by third parties) and offi-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cers and other personnel as are necessary for the operations of the Funds.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In addition to investment advisory services, BlackRock and its affiliates</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>provide the Funds with other services, including (i) preparing disclosure doc-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>uments, such as the prospectus and the statement of additional informa-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion in connection with the initial public offering and periodic shareholder</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reports; (ii) preparing communications with analysts to support secondary</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>market trading of the Funds; (iii) assisting with daily accounting and pric-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing; (iv) preparing periodic filings with regulators and stock exchanges;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(v) overseeing and coordinating the activities of other service providers;</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(vi) organizing Board meetings and preparing the materials for such Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>meetings; (vii) providing legal and compliance support; and (viii) perform-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing other administrative functions necessary for the operation of the Funds,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>such as tax reporting, fulfilling regulatory filing requirements, and call cen-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ter services. The Boards reviewed the structure and duties of BlackRock&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fund administration, accounting, legal and compliance departments and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>considered BlackRock&#146;s policies and procedures for assuring compliance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with applicable laws and regulations.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>B. The Investment Performance of the Funds and BlackRock: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>including its Independent Board Members, also reviewed and considered</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the performance history of its respective Fund. In preparation for the April 14,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2009 meeting, the Boards were provided with reports, independently pre-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>pared by Lipper, which included a comprehensive analysis of each Fund&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>performance. The Boards also reviewed a narrative and statistical analysis</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of the Lipper data that was prepared by BlackRock, which analyzed various</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>factors that affect Lipper&#146;s rankings. In connection with its review, each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board received and reviewed information regarding the investment per-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>formance of its respective Fund as compared to a representative group</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of similar funds as determined by Lipper and to all funds in such Fund&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>applicable Lipper category and, where applicable, a customized peer group</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>selected by BlackRock. Each Board was provided with a description of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>methodology used by Lipper to select peer funds. Each Board regularly</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>reviews the performance of its respective Fund throughout the year.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of BPS noted that, in general, BPS performed better than its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Peers in that BPS&#146;s performance was at or above the median of its Lipper</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>performance universe composite in two of the one-, three- and five-year</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>periods reported.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of each of BKN, BFK and BSD noted that, in general, each of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN, BFK and BSD performed better than their respective Peers in that the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>performance of each of BKN, BFK and BSD was at or above the median of</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>their respective customized Lipper peer group composite in each of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>one-, three- and five-year periods reported.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of BKK noted that BKK performed below the median of its</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Lipper performance universe composite in the one-, three- and five-year</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>periods reported. The Board of BKK and BlackRock reviewed the reasons</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for BKK&#146;s underperformance during these periods compared with its Peers.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of BKK was informed that, among other things, performance was</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>heavily influenced by BKK&#146;s sector allocation which experienced volatile</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>market movement last year.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of BTA noted that BTA performed below the median of its cus-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tomized Lipper peer group composite in the one-year period reported. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board of BTA and BlackRock reviewed the reasons for BTA&#146;s underperformance</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>during this period compared with its Peers. The Board of BTA was informed</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>50 SEMI-ANNUAL REPORT OCTOBER 31, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>that, among other things, BTA&#146;s above market weight exposure to both credit</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and the long end of the yield curve negatively impacted performance.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For BKK and BTA, the Board of each respective Fund and BlackRock dis-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cussed BlackRock&#146;s commitment to providing the resources necessary to</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>assist the portfolio managers and to improve each such Fund&#146;s performance.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>C. Consideration of the Advisory Fees and the Cost of the Services</FONT><BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>and Profits to be Realized by BlackRock and its Affiliates from their</FONT><BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>Relationship with the Funds: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board, including its Independent</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Members, reviewed its respective Fund&#146;s contractual advisory fee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>rates compared with the other funds in its respective Lipper category.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board also compared its respective Fund&#146;s total expenses, as well</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>as actual management fees, to those of other comparable funds. Each</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board considered the services provided and the fees charged by</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock to other types of clients with similar investment mandates,</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>including separately managed institutional accounts.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Boards received and reviewed statements relating to BlackRock&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>financial condition and profitability with respect to the services it provided</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Funds. The Boards were also provided with a profitability analysis that</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>detailed the revenues earned and the expenses incurred by BlackRock for</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>services provided to the Funds. The Boards reviewed BlackRock&#146;s profitabil-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ity with respect to the Funds and other funds the Boards currently oversee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>for the year ended December 31, 2008 compared to available aggregate</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>profitability data provided for the year ended December 31, 2007. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Boards reviewed BlackRock&#146;s profitability with respect to other fund com-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>plexes managed by the Manager and/or its affiliates. The Boards reviewed</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock&#146;s assumptions and methodology of allocating expenses in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>profitability analysis, noting the inherent limitations in allocating costs</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>among various advisory products. The Boards recognized that profitability</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may be affected by numerous factors including, among other things, fee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>waivers by the Manager, the types of funds managed, expense alloca-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tions and business mix, and therefore comparability of profitability is</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>somewhat limited.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Boards noted that, in general, individual fund or product line profitabil-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ity of other advisors is not publicly available. Nevertheless, to the extent</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>such information is available, the Boards considered BlackRock&#146;s overall</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>operating margin, in general, compared to the operating margin for leading</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment management firms whose operations include advising closed-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>end funds, among other product types. The comparison indicated that</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>operating margins for BlackRock with respect to its registered funds are</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>generally consistent with margins earned by similarly situated publicly</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>traded competitors. In addition, the Boards considered, among other</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>things, certain third-party data comparing BlackRock&#146;s operating margin</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>with that of other publicly-traded asset management firms, which con-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>cluded that larger asset bases do not, in themselves, translate to higher</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>profit margins.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In addition, the Boards considered the cost of the services provided to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Funds by BlackRock, and BlackRock&#146;s and its affiliates&#146; profits relating to</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the management and distribution of the Funds and the other funds advised</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>by BlackRock and its affiliates. As part of their analysis, the Boards reviewed</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock&#146;s methodology in allocating its costs to the management of the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Funds. The Boards also considered whether BlackRock has the financial</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>resources necessary to attract and retain high quality investment manage-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ment personnel to perform its obligations under the Agreements and to con-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tinue to provide the high quality of services that is expected by the Boards.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of each of BKN, BKK, BFK, BPS and BSD noted that its respec-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tive Fund paid contractual management fees, which do not take into account</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>any expense reimbursement or fee waivers, lower than or equal to the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>median contractual management fees paid by such Fund&#146;s Peers.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Board of BTA noted that although BTA paid contractual management</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>fees higher than the median of its Peers, its actual management fees were</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>lower than or equal to the median of its Peers.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>D. Economies of Scale: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board, including its Independent Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Members, considered the extent to which economies of scale might be</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>realized as the assets of its respective Fund increase and whether there</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>should be changes in the advisory fee rate or structure in order to enable</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>such Fund to participate in these economies of scale, for example through</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the use of breakpoints in the advisory fee based upon the assets of such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fund. The Boards considered that the funds in the BlackRock fund complex</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>share some common resources and, as a result, an increase in the overall</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>size of the complex could permit each fund to incur lower expenses than</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>it would otherwise as a stand-alone entity. The Boards also considered</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock&#146;s overall operations and its efforts to expand the scale of, and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>improve the quality of, its operations.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Boards noted that most closed-end fund complexes do not have fund</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>level breakpoints because closed-end funds generally do not experience</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>substantial growth after the initial public offering and each fund is man-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>aged independently, consistent with its own investment objectives. The</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Boards noted that only one closed-end fund in the Fund Complex has</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>breakpoints in its fee structure. Information provided by Lipper also</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>revealed that only one closed-end fund complex used a complex-level</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>breakpoint structure.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif>E. Other Factors: </FONT><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Boards also took into account other ancillary or &#147;fall-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>out&#148; benefits that BlackRock or its affiliates and significant shareholders</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>may derive from their relationship with the Funds, both tangible and intan-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>gible, such as BlackRock&#146;s ability to leverage its investment professionals</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>who manage other portfolios, an increase in BlackRock&#146;s profile in the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>investment advisory community, and the engagement of BlackRock&#146;s affili-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ates and significant shareholders as service providers to the Funds, includ-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing for administrative and distribution services. The Boards also noted that</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock may use third-party research obtained by soft dollars generated</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>by certain mutual fund transactions to assist itself in managing all or a</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>number of its other client accounts.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 51</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>In connection with their consideration of the Agreements, the Boards also</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>received information regarding BlackRock&#146;s brokerage and soft dollar prac-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tices. The Boards received reports from BlackRock, which included informa-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tion on brokerage commissions and trade execution practices throughout</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the year.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-Demi,Arial,Helvetica,sans-serif>Conclusion</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Each Board, including its Independent Board Members, unanimously</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>approved the continuation of the Advisory Agreement between its respec-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tive Fund and the Manager for a one-year term ending June 30, 2010 and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the Sub-Advisory Agreement between such Fund, the Manager and such</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Fund&#146;s Sub-Advisor for a one-year term ending June 30, 2010. Based</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>upon its evaluation of all these factors in their totality, each Board, includ-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ing its Independent Board Members, was satisfied that the terms of the</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Agreements were fair and reasonable and in the best interest of its respec-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tive Fund and its shareholders. In arriving at a decision to approve the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Agreements, each Board did not identify any single factor or group of fac-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>tors as all-important or controlling, but considered all factors together, and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>different Board Members may have attributed different weights to the vari-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ous factors considered. The Independent Board Members were also assisted</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>by the advice of independent legal counsel in making this determination.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The contractual fee arrangements for each Fund reflects the results of sev-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>eral years of review by such Fund&#146;s Board Members and predecessor Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Members, and discussions between such Board Members (and predecessor</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Members) and BlackRock. Certain aspects of the arrangements may</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>be the subject of more attention in some years than in others, and the</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Board Members&#146; conclusions may be based in part on their consideration</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>of these arrangements in prior years.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>52 SEMI-ANNUAL REPORT OCTOBER 31, 2009</FONT></P>
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<P align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Officers and Trustees</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Richard E. Cavanagh, Chairman of the Board and Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>and Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>G. Nicholas Beckwith, III, Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kent Dixon, Trustee and Member of the Audit Committee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Frank J. Fabozzi, Trustee and Member of the Audit Committee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Kathleen F. Feldstein, Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>James T. Flynn, Trustee and Member of the Audit Committee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jerrold B. Harris, Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>R. Glenn Hubbard, Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>W. Carl Kester, Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Richard S. Davis, Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Henry Gabbay, Trustee</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Anne F. Ackerley, President and Chief Executive Officer</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brendan Kyne, Vice President</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Neal J. Andrews, Chief Financial Officer</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Jay M. Fife, Treasurer</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Brian P. Kindelan, Chief Compliance Officer</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Howard B. Surloff, Secretary</FONT></P>
<P align=left><B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Investment Advisor</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Advisors, LLC</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wilmington, DE 19809</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Sub-Advisor</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BlackRock Financial Management, Inc.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10022</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Custodian</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State Street Bank and Trust Company</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Boston, MA 02101</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Transfer Agent</FONT></B><BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Common Shares:</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Computershare Trust Companies, N.A.</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Canton, MA 02021</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Auction Agent</FONT></B><BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Preferred Shares:</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Bank of New York Mellon</FONT><SUP><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1</FONT></SUP><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10286</FONT><BR>
<BR>
<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>2</FONT></SUP><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10005</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Accounting Agent</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>State Street Bank and Trust Company</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Princeton, NJ 08540</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Independent Registered Public Accounting Firm</FONT></B><BR>
<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, NJ 08540</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Legal Counsel</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Skadden, Arps, Slate, Meagher &amp; Flom </FONT><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>LLP</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>New York, NY 10036</FONT><BR>
<BR>
<B><FONT size=2 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Address of the Trusts</FONT></B><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>100 Bellevue Parkway</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Wilmington, DE 19809</FONT><BR>
<BR>
<SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>For BFK and BKK.</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>For BPS, BSD and BKN.</FONT></P>
<P align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Effective July 31, 2009, Donald C. Burke, President and Chief Executive Officer of the Trusts, retired. The Trusts&#146; Board</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>wishes Mr. Burke well in his retirement.</FONT><BR>
<BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Effective August 1, 2009, Anne F. Ackerley became President and Chief Executive Officer of the Trusts, and Brendan Kyne</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>became Vice President of the Trusts.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>SEMI-ANNUAL REPORT OCTOBER 31, 2009 53</FONT></P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT color=#0035c4 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Additional Information</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" bgColor=#e9f1fb align=left>&nbsp; &nbsp; &nbsp;<B><FONT color=#0035c4 size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Proxy Results</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>
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     <TD colSpan=9 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009 to elect director or trustee nominees of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=9 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>each Trust. The Board is organized into three classes, one class of which is elected annually. Each Director/Trustee serves a three-year term concurrent with</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>the class into which he or she is elected.</FONT>&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" colSpan=2 align=left><FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Approved the Class II Directors/Trustees as follows:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Richard S. Davis</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>Frank J. Fabozzi</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>James T. Flynn</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>Karen P. Robards</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>Votes</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Votes</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;<B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Votes</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Votes</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>Votes For</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Withheld</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Votes For</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Withheld</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Votes For</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Withheld</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Votes For</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif>Withheld</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKN</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,918,656</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>326,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>2,802</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>61</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>13,918,656</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>326,800</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>13,899,913</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>345,543</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BTA</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,497,191</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>485,388</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,497,191</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>485,388</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,498,176</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>484,403</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>11,491,219</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>491,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BKK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,716,891</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>813,374</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>4,786</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>2</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>18,716,891</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>813,374</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>18,668,706</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>861,559</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BFK</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>39,949,681</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,163,093</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,204</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>100</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>39,949,681</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,163,093</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>39,908,253</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,204,521</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>BPS</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,871,079</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>64,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>366</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</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>1,871,079</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>64,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1,861,324</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>74,378</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>BSD</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,245,302</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>328,194</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>931</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>38</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>6,245,302</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>328,194</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>6,240,302</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>333,194</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=right><SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Voted on by holders of Preferred Shares only.</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></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-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; web-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>sites or shareholders can sign up for e-mail notifications of quarterly state-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ments, annual and semi-annual reports by enrolling in the Trusts&#146; electronic</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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><BR>
<BR>
<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></P>
<P align=left><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</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>Securities and Exchange Commission (&#147;SEC&#148;) for the first and third quar-</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ters of each fiscal year on Form N-Q. The Trusts&#146; Forms N-Q are available</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the SEC&#146;s website at http://www.sec.gov and may also be reviewed and</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>copied at the SEC&#146;s Public Reference Room in Washington, DC. Information</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>on the operation of the Public Reference Room may be obtained by calling</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>(202) 551-8090. Each Trust&#146;s Forms N-Q may also be obtained upon</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 SEC&#146;s website at</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>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 the Trusts voted proxies relating to securities</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>held in the Trusts&#146; portfolios during the most recent 12-month period</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>ended June 30 is available upon request and without charge (1) at</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC&#146;s</FONT><BR>
<FONT size=2 face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif>website at http://www.sec.gov.</FONT></P>
<P align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>54 SEMI-ANNUAL REPORT OCTOBER 31, 2009</FONT></P>
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<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><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock is committed to maintaining the privacy of its current and for-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">mer fund investors and individual clients (collectively, &#147;Clients&#148;) and to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">safeguarding their non-public personal information. The following infor-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">mation is provided to help you understand what personal information</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock collects, how we protect that information and why in certain</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cases we share such 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 we</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">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</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to 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 pro-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cedures 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">SEMI-ANNUAL REPORT OCTOBER 31, 2009 55</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. Certain 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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<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Code of Ethics &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Audit Committee Financial Expert &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4 &#150; Principal Accountant Fees and Services &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5 &#150; Audit Committee of Listed Registrants &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 6 &#150; Investments</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) The registrant&#146;s Schedule of Investments is included as part of the Report to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stockholders filed under Item 1 of this form.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) Not Applicable due to no such divestments during the semi-annual period covered since</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the previous Form N-CSR filing.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 7 &#150; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Companies &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8 &#150; Portfolio Managers of Closed-End Management Investment Companies &#150; Not Applicable to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9 &#150; Purchases of Equity Securities by Closed-End Management Investment Company and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Affiliated Purchasers &#150; Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10 &#150; Submission of Matters to a Vote of Security Holders &#150; The registrant&#146;s Nominating and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Governance Committee will consider nominees to the board of directors recommended by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders when a vacancy becomes available. Shareholders who wish to recommend a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nominee should send nominations that include biographical information and set forth the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualifications of the proposed nominee to the registrant&#146;s Secretary. There have been no</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material changes to these procedures.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11 &#150; Controls and Procedures</FONT></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; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(2) &#150; Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(3) &#150; Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(b) &#150; Certifications &#150; Attached hereto</FONT></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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 21, 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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</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>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 21, 2009</FONT></P>
<P align="left">
<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></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 21, 2009</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>bknex99cert.htm
<DESCRIPTION>CERT
<TEXT>

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   <TITLE>bknex99cert.htm - Produced by Pellegrini and Associates, Inc.  |  134 Spring Street New York NY 10012  |  (212) 925-5151</TITLE>
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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></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Anne F. Ackerley, 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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 21, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <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></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant's internal control over financial reporting.</FONT></P>
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<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 21, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U></P>
<P align="left"> <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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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>7
<FILENAME>bknsec906.htm
<DESCRIPTION>CERT
<TEXT>

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   <TITLE>bknsec906.htm - Produced by Pellegrini and Associates, Inc.  |  134 Spring Street New York NY 10012  |  (212) 925-5151</TITLE>
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<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99.1350CERT</FONT></P>
<P align="center"> <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></P>
<P align="left"> <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 her knowledge, that the registrant's Report on Form N-CSR for the period</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ended October 31, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial condition and results of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 21, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</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>
<P align="left"> <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's Report on Form N-CSR for the period ended</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">October 31, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">condition and results of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: December 21, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U></P>
<P align="left"> <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>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Commission</FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">.</FONT></B></P>
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