<SEC-DOCUMENT>0000891092-13-000077.txt : 20130103
<SEC-HEADER>0000891092-13-000077.hdr.sgml : 20130103
<ACCEPTANCE-DATETIME>20130103120301
ACCESSION NUMBER:		0000891092-13-000077
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20121031
FILED AS OF DATE:		20130103
DATE AS OF CHANGE:		20130103
EFFECTIVENESS DATE:		20130103

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:		13505080

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.
		DATE OF NAME CHANGE:	20120921

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>e50579ncsrs.htm
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-indent: -78pt"><FONT STYLE="vertical-align: baseline"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 78pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 77.75pt; text-align: center; text-indent: -77.75pt"><B>FORM N-CSR</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Investment Company Act file number
811-07354</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name of Fund: BlackRock Investment
Quality Municipal Trust, Inc. (BKN)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Fund Address: 100 Bellevue Parkway,
Wilmington, DE 19809</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock Investment Quality Municipal Trust, Inc., 55 East 52<SUP>nd</SUP> Street,
New York, NY 10055</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Registrant&rsquo;s telephone number,
including area code: (800) 882-0052, Option 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of fiscal year end: 04/30/2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 10/31/2012</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Report to Stockholders</P>




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    <TD STYLE="text-align: right; vertical-align: middle; width: 50%"><P STYLE="text-align: right">
<B>October 31, 2012</B></P></TD></TR>
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<P STYLE="text-align: left; margin-top: 72pt; font: 18pt Times New Roman, Times, Serif; background-color: rgb(57,76,135); color: White; padding-top: 12pt; padding-bottom: 12pt; padding-left: 12pt">
Semi-Annual Report (Unaudited)</P>
<P STYLE="text-align: left; margin-left: 12pt; margin-top: 0">
BlackRock Investment Quality Municipal Trust Inc. (BKN)<BR>
<BR>
BlackRock Long-Term Municipal Advantage Trust (BTA)<BR>
<BR>
BlackRock Municipal 2020 Term Trust (BKK)<BR>
<BR>
BlackRock Municipal Income Trust (BFK)<BR>
<BR>
BlackRock Pennsylvania Strategic Municipal Trust (BPS)<BR>
<BR>
BlackRock Strategic Municipal Trust (BSD)</P>
<P STYLE="text-align: center; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-right: 50%">
<B>Not FDIC Insured </B>&#149; <B>No Bank Guarantee </B>&#149; <B>May Lose Value</B></P>
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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Table of Contents</FONT></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 90%"></TD>

   <TD STYLE="width: 10%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: right; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: right; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)"><B><FONT color=#394C87>Page</FONT></B></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_3">Dear Shareholder</A></TD>

   <TD STYLE="text-align: right">3</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Semi-Annual</B> <B>Report:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_4">Municipal Market Overview</A></TD>

   <TD STYLE="text-align: right">4</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_5">Trust Summaries</A></TD>

   <TD STYLE="text-align: right">5</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_11">Call/Maturity Structure</A></TD>

   <TD STYLE="text-align: right">11</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_11a">Derivative Financial Instruments</A></TD>

   <TD STYLE="text-align: right">11</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_12">The Benefits and Risks of Leveraging</A></TD>

   <TD STYLE="text-align: right">12</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Financial Statements</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.21pt; text-align: left"><A HREF="#page_13">Schedules of Investments</A></TD>

   <TD STYLE="text-align: right">13</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.21pt; text-align: left"><A HREF="#page_42">Statements of Assets and Liabilities</A></TD>

   <TD STYLE="text-align: right">42</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.21pt; text-align: left"><A HREF="#page_43">Statements of Operations</A></TD>

   <TD STYLE="text-align: right">43</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.21pt; text-align: left"><A HREF="#page_44">Statements of Changes in Net Assets</A></TD>

   <TD STYLE="text-align: right">44</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 14.21pt; text-align: left"><A HREF="#page_46">Statements of Cash Flows</A></TD>

   <TD STYLE="text-align: right">46</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_47">Financial Highlights</A></TD>

   <TD STYLE="text-align: right">47</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_53">Notes to Financial Statements</A></TD>

   <TD STYLE="text-align: right">53</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_62">Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements</A></TD>

   <TD STYLE="text-align: right">62</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_66">Officers and Trustees</A></TD>

   <TD STYLE="text-align: right">66</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><A HREF="#page_67">Additional Information</A></TD>

   <TD STYLE="text-align: right">67</TD></TR></TABLE></DIV>

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

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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Dear Shareholder</FONT></P>

<P STYLE="text-align: left">In the final months of 2011, financial markets were highly volatile but were in a mode of gradual improvement. Global central bank actions and better-than-expected economic data tempered investors&rsquo; anxiety after markets
had been upended in the previous quarter by sovereign debt turmoil in the United States and Europe. Improving sentiment carried over into early 2012 as investors felt some relief from the world&rsquo;s financial woes. Volatility was low and risk assets
(including stocks, commodities and high yield bonds) moved boldly higher through the first two months of 2012, while climbing Treasury yields pressured higher-quality fixed income assets.</P>

<P STYLE="text-align: left">Markets reversed course in the spring when Europe&rsquo;s debt problems boiled over once again. High levels of volatility returned as political instability threatened Greece&rsquo;s membership in the eurozone and debt problems
in Spain grew increasingly severe. Sovereign debt yields in peripheral European countries continued to rise while finance leaders deliberated over the fiscal integration of the currency bloc. Alongside the drama in Europe, investors were discouraged by
gloomy economic reports from various parts of the world. A slowdown in China, a key powerhouse for global growth, emerged as a particular concern. In the United States, disappointing jobs reports dealt a crushing blow to investor sentiment. Risk assets
sold off in the second quarter as investors retreated to safe haven assets.</P>

<P STYLE="text-align: left">Despite ongoing concerns about the health of the global economy and the debt crisis in Europe, most asset classes enjoyed a robust summer rally powered mainly by expectations for policy stimulus from central banks in Europe
and the United States. Global economic data continued to be mixed, but the spate of downside surprises seen in the second quarter had receded and, outside of some areas of Europe, the risk of recession largely subsided. Additionally, in response to
mounting debt pressures, the European Central Bank allayed fears by affirming its conviction to preserve the euro bloc. Early in September, the European Central Bank announced its plan to purchase sovereign debt in the eurozone&rsquo;s most troubled
nations. Later that month, the US Federal Reserve announced its long-awaited &#8212; and surprisingly aggressive &#8212; stimulus program, committing to purchase $40 billion of agency mortgage-backed securities per month until the US economy exhibits
enough strength to sustain real growth and the labor market shows solid improvement. These central bank actions boosted investor confidence and risk assets rallied globally.</P>

<P STYLE="text-align: left">European stocks continued their advance in the final month of the reporting period as progress toward fiscal integration created a more positive atmosphere for investors. However, as corporate earnings season got underway in
the United States, lackluster results pointed to the fragility of global growth and pushed US equity markets down for the month of October. The period ended with increasing concern about how and when US politicians would resolve the nation&rsquo;s
looming fiscal crisis, known as the &ldquo;fiscal cliff.&rdquo;</P>

<P STYLE="text-align: left">All asset classes performed well for the 12-month period ended October&nbsp;31, 2012, with the strongest returns coming from US stocks and high yield bonds. For the six-month period ended October 31, 2012, equities underperformed
fixed income investments, where high yield was the leading sector. US and international stocks finished the six-month period with modest gains, while emerging market stocks lagged other asset classes amid ongoing uncertainty. Near-zero short term
interest rates continued to keep yields on money market securities near their all-time lows.</P>

<P STYLE="text-align: left">Although the financial world remains highly uncertain, we believe there are new avenues of opportunity &#8212; new ways to invest and new markets to consider. We believe it&rsquo;s our responsibility to help investors adapt to
today&rsquo;s new world of investing and build the portfolios these times require. We encourage you to visit <B>www.blackrock.com/newworld </B>for more information.</P>

<P STYLE="text-align: left; margin-bottom: 0pt">Sincerely,</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="kapito_sig.jpg" ALT=""></P>

<P STYLE="text-align: left; margin-top: 0"><B>Rob Kapito</B><BR>
President, BlackRock Advisors, LLC</P>

</DIV><DIV style="width: 38%; float: right;">


<IMG border=0 src="robkapito.jpg">

<P style="TEXT-ALIGN: left"><I>&ldquo;Although the financial world remains highly uncertain, we believe there are new avenues of opportunity.</I>&rdquo;</P>

<P style="TEXT-ALIGN: left"><B>Rob Kapito<BR>
</B>President, BlackRock Advisors, LLC</P>

<P STYLE="text-align: left; border-top: rgb(57,76,165) 2pt solid; padding-top: 12pt"><B>Total Returns as of October 31, 2012</B></P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="font: 8pt Arial; width: 100%">



<TR>

   <TD STYLE="width: 45%"></TD>

   <TD STYLE="width: 19%"></TD>

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

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 8%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: #000000; text-align: left">&nbsp;</TD>

   <TD bgColor=#000000 colSpan=2 align=center><FONT color=#ffffff>6-month</FONT></TD>

   <TD bgColor=#000000 colSpan=2 align=center><FONT color=#ffffff>12-month</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">US large cap equities</TD>

   <TD STYLE="text-align: right">2.16</TD>

   <TD STYLE="text-align: left">%</TD>

   <TD STYLE="text-align: right">15.21</TD>

   <TD STYLE="text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left">(S&amp;P 500<sup>&reg;</sup> Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">US small cap equities</TD>

   <TD STYLE="text-align: right">0.95</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">12.08</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left">(Russell 2000<sup>&reg;</sup> Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">International equities</TD>

   <TD STYLE="text-align: right">2.12</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4.61</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">(MSCI Europe, Australasia,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Far East Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Emerging market equities</TD>

   <TD STYLE="text-align: right">(1.25</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">2.63</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">(MSCI Emerging Markets</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">3-month Treasury bill</TD>

   <TD STYLE="text-align: right">0.06</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.08</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">(BofA Merrill Lynch</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">3-Month US Treasury</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Bill Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">US Treasury securities</TD>

   <TD STYLE="text-align: right">3.49</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7.46</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">(BofA Merrill Lynch 10-</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Year US Treasury Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">US investment grade</TD>

   <TD STYLE="text-align: right">2.75</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5.25</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">bonds (Barclays</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">US Aggregate</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Bond Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tax-exempt municipal</TD>

   <TD STYLE="text-align: right">3.65</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">9.57</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">bonds (S&amp;P Municipal</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Bond Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">US high yield bonds</TD>

   <TD STYLE="text-align: right">6.24</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">13.58</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">(Barclays US Corporate</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">High Yield 2% Issuer</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Capped Index)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>


<P STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 3pt; font-size: 8pt">Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</P>

</div><br style="clear:both">
<BR>


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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Municipal Market Overview</FONT></P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>For the 12-Month Period Ended October 31, 2012</FONT></B></P>

<P style="TEXT-ALIGN: left">Municipal bonds delivered exceptional performance, with the S&amp;P Municipal Bond Index gaining 9.57% for the 12 months ended October 31, 2012. In the later part of 2011, heightened volatility in equity markets led to
increased demand for municipal bonds as investors flocked to more stable asset classes. The municipal market benefited from an exuberant Treasury market amid global uncertainty in addition to muted new issuance. Supply was constrained while demand from
both traditional and non-traditional buyers was strong, pushing long-term municipal bond yields lower and sparking a curve-flattening trend that continued through year end. Ultimately, 2011 was one of the strongest performance years in municipal market
history and municipal bonds outperformed most fixed income asset classes for the year.</P>
<IMG BORDER="0" SRC="image_005.gif" STYLE="height: 274px; width: 586px"> <BR>

<P STYLE="text-align: left; margin-top: 6pt">Market conditions remained favorable in 2012 even though supply picked up considerably. As the fiscal situation for municipalities continued to improve, the rate of new issuance came back in line with historical averages.
Total new issuance for the first ten months of 2012 was $313 billion as compared to $288 billion for the entire year of 2011. It is important to note that refunding activity has accounted for a large portion of supply in 2012 as issuers refinanced their
debt at lower interest rates. Refunding issues are easily absorbed by the market because when seasoned bonds are refinanced, issuers re-enter the market via cheaper and predominantly shorter-maturity financing. Investors, in turn, support these new
issues with the proceeds from bond maturities or coupon payments.</P>

<P style="TEXT-ALIGN: left">Increased supply was met with the continuation of strong demand in 2012 as investors remained starved for yield in a low-rate environment. Investors poured into municipal bond mutual funds, particularly those with
long-duration and high-yield investment mandates as they tend to provide higher levels of income. Year-to-date through October 2012, flows into municipal funds have totaled $48.034 billion (according to the Investment Company Institute). Following an
extensive period of significant outflows from late 2010 through mid-2011, these robust 2012 inflows are telling of the complete turnaround in confidence. Municipal market supply-and-demand technicals typically strengthen considerably upon the conclusion
of tax season as net negative supply takes hold (i.e., more bonds are being called and maturing than being issued) and this theme remained intact for 2012.</P>

<P style="TEXT-ALIGN: left">In the spring, a resurgence of concerns about Europe&rsquo;s financial crisis and weakening US economic data drove municipal bond yields lower and prices higher. In addition to income and capital preservation, investors were
drawn to the asset class for its relatively low volatility. As global sentiment improved over the summer, municipal bonds outperformed the more volatile US Treasury market. In September, unexpectedly muted new issuance drove prices higher. October,
traditionally a weaker month for the municipal bond market, saw slight gains as demand continued to outpace supply. Given these positive market factors, the S&amp;P Municipal Bond Index has gained 7.03% year-to-date through October 31, 2012.</P>

<P style="TEXT-ALIGN: left">Overall, the municipal yield curve moved lower during the period from October 31, 2011 to October 31, 2012. As measured by Thomson Municipal Market Data, yields declined by 93 basis points (&ldquo;bps&rdquo;) to 2.82% on
AAA-rated 30-year municipal bonds and by 67 bps to 1.72% on 10-year bonds, while yields on 5-year issues fell 59 bps to 0.67%. While the entire municipal curve flattened over the 12-month time period, the spread between 2- and 30-year maturities
tightened by 79 bps, and in the 2- to 10-year range, the spread tightened by 53 bps.</P>

<P style="TEXT-ALIGN: left">The fundamental picture for municipalities continues to improve. Austerity has been the general theme across the country as states set their budgets, although a small number of states continue to rely on a
&ldquo;kick-the-can&rdquo; approach to close their budget gaps, using aggressive revenue projections and accounting gimmicks. It has been nearly two years since the fiscal problems plaguing state and local governments first became highly publicized and
the prophecy of widespread defaults across the municipal market has not materialized. Year-to-date through October 2012, total outstanding municipal bonds entering into debt service cash-payment default for the first time had an aggregate par value of
$1.99 billion. This amount represents only 0.65% of total issuance year-to-date and 0.053% of total municipal bonds outstanding. This compares favorably to data for the full year 2011 when first-time defaults totaled 0.84% of issuance and 0.065% of
outstanding. (Data provided by Bank of America Merrill Lynch.) BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market is fundamentally sound. We continue to recognize that careful credit research and
security selection remain imperative amid uncertainty in this economic environment.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</P><!-- Field: Page; Sequence: 5 -->
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<A name="page_5"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>




<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of October 31, 2012</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Investment Quality Municipal Trust Inc.</FONT></B></TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>BlackRock Investment Quality Municipal Trust Inc.&rsquo;s (BKN) (the &ldquo;Trust&rdquo;) </B>investment objective is to provide high current income exempt from regular federal income tax consistent with the preservation of capital. The
Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market
conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">No assurance can be given that the Trust&rsquo;s investment objective will be achieved.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Performance</FONT></B></P>

<P style="TEXT-ALIGN: left">For the six-month period ended October 31, 2012, the Trust returned 12.07% based on market price and 8.32% based on net asset value (&ldquo;NAV&rdquo;). For the same period, the closed-end Lipper General &amp; Insured
Municipal Debt Funds (Leveraged) category posted an average return of 9.55% based on market price and 7.15% based on NAV. All returns reflect reinvestment of dividends. The Trust&rsquo;s premium to NAV, which widened during the period, accounts for the
difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust&rsquo;s neutral-to-long average duration (greater sensitivity to interest rates) contributed positively to
performance as interest rates generally declined over the period. A preference for longer-dated maturities enhanced returns as the municipal yield curve flattened (long-term interest rates fell more than short and intermediate rates). The Trust benefited
from a tightening of credit spreads during the period, with additional positive performance contributions from its allocations to the health and corporate sectors, which were among the better performing segments of the market. Narrowing spreads also bode
well for the Trust&rsquo;s holdings of lower-coupon bonds, which tend to offer higher yield and duration relative to their stated maturity. However, the Trust&rsquo;s potential return was limited by its low exposure to tobacco, which was the strongest
performing sector, as well as its small weighting in lower-quality issues, which delivered strong returns for the period. US Treasury financial futures contracts used to hedge interest rate risk in the Trust also had a modestly negative impact on
performance.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">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 views are not intended to be a forecast of future
events and are no guarantee of future results.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Information</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

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

<TR vAlign=bottom>

   <TD align=left>Symbol on New York Stock Exchange (&ldquo;NYSE&rdquo;)</TD>

   <TD align=center>BKN</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Initial Offering Date</TD>

   <TD align=center>February 19, 1993</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Yield on Closing Market Price as of October 31, 2012 ($17.11)<SUP>1</SUP></TD>

   <TD align=center>5.61%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left>Tax Equivalent Yield<SUP>2</SUP></TD>

   <TD align=center>8.63%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left>Current Monthly Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.080</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left>Current Annualized Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.960</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.002pt" align=left>Economic Leverage as of October 31, 2012<SUP>4</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>34%</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Represents Variable Rate Muni Term Preferred Shares (&ldquo;VMTP Shares&rdquo;) and
tender option bond trusts (&ldquo;TOBs&rdquo;) as a percentage of total managed assets, which is the total assets of the Trust,
including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging
techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 12.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">The table below summarizes the changes in the Trust&rsquo;s market price and NAV per share:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>4/30/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Change</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>High</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Low</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Market Price</TD>

   <TD STYLE="text-indent: 3.2pt; text-align: center">$17.11</TD>

   <TD STYLE="text-indent: 1.13pt; text-align: center">$15.75</TD>

   <TD STYLE="text-indent: 3.18pt; text-align: center">8.63%</TD>

   <TD STYLE="text-align: center">$17.42</TD>

   <TD STYLE="text-align: center">$15.70</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Net Asset Value</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.2pt; text-align: center">$16.16</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 1.13pt; text-align: center">$15.39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.18pt; text-align: center">5.00%</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$16.16</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$15.39</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The following charts show the sector and credit quality allocations of the Trust&rsquo;s long-term investments:</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Sector Allocation</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="66%"></TD>

   <TD width="19%"></TD>

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

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>Health</TD>

   <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;27%</TD>

   <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;27%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>County/City/Special District/School District</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">18</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">18</TD></TR>

<TR vAlign=bottom>

   <TD align=left>State</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">15</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">15</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Education</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">10</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Transportation</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">10</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Utilities</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;8</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;9</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Corporate</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;4</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;5</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Tobacco</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;3</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;4</TD></TR>

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;1</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;2</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Credit Quality Allocation</FONT></B><B><SUP><FONT color=#394C87>5</FONT></SUP></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 66%"></TD>

   <TD STYLE="width: 19%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AAA/Aaa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;4%</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;1%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AA/Aa</TD>

   <TD STYLE="text-align: center">35</TD>

   <TD STYLE="text-align: center">36</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">A</TD>

   <TD STYLE="text-align: center">34</TD>

   <TD STYLE="text-align: center">34</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BBB/Baa</TD>

   <TD STYLE="text-align: center">18</TD>

   <TD STYLE="text-align: center">20</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BB/Ba</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;2</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;2</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Not Rated<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;7</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Using the higher of Standard &amp; Poor&rsquo;s (&ldquo;S&amp;P&rsquo;s&rdquo;) or
Moody&rsquo;s Investors Service (&ldquo;Moody&rsquo;s&rdquo;) ratings.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of October 31, 2012 and April 30, 2012, the market value of these securities was $19,046,285 and $18,973,610,
each representing 5%, respectively, of the Trust&rsquo;s long-term investments.</TD>
</TR></TABLE>
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<A name="page_6"></A><BR>


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<TR>

   <TD></TD>

   <TD></TD>




   </TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of October 31, 2012</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Long-Term Municipal Advantage Trust</font></b></TD>




   </TR></TABLE>


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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT STYLE="color: #394C87">Trust Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>BlackRock Long-Term Municipal Advantage Trust&rsquo;s (BTA) (the &ldquo;Trust&rdquo;) </B>investment objective is to provide current income exempt from regular federal income tax. The Trust seeks to achieve its investment objective by
investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are exempt from federal income tax (except that the interest may be
subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment and, under normal market conditions, the
Trust&rsquo;s municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">No assurance can be given that the Trust&rsquo;s investment objective will be achieved.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Performance</FONT></B></P>

<P style="TEXT-ALIGN: left">For the six-month period ended October 31, 2012, the Trust returned 9.79% based on market price and 8.57% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category
posted an average return of 9.55% based on market price and 7.15% based on NAV. All returns reflect reinvestment of dividends. The Trust&rsquo;s premium to NAV, which widened during the period, accounts for the difference between performance based on
price and performance based on NAV. The following discussion relates to performance based on NAV. Contributing positively to performance during the period were the Trust&rsquo;s duration positioning (preference for securities with a higher sensitivity to
interest rate movements) and yield curve-flattening bias. The Trust has consistently emphasized longer-dated securities in order to benefit when long-term rates decline faster than short-term rates, a scenario that occurred during the period. In
addition, sector concentrations in health and transportation had a notable positive impact on returns. The Trust&rsquo;s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Security selection
detracted from performance in the tobacco sector; however, the cumulative effect of security selection in the Fund was positive for the period. US Treasury financial futures contracts used to hedge interest rate risk in the Trust also had a modestly
negative impact on performance.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">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 views are not intended to be a forecast of future
events and are no guarantee of future results.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Information</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

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

<TR vAlign=bottom>

   <TD align=left>Symbol on NYSE</TD>

   <TD align=center>BTA</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Initial Offering Date</TD>

   <TD align=center>February 28, 2006</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Yield on Closing Market Price as of October 31, 2012 ($13.06)<SUP>1</SUP></TD>

   <TD align=center>5.70%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left>Tax Equivalent Yield<SUP>2</SUP></TD>

   <TD align=center>8.77%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left>Current Monthly Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.062</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left>Current Annualized Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.744</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.002pt" align=left>Economic Leverage as of October 31, 2012<SUP>4</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>35%</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Represents TOBs as a percentage of total managed assets, which is the total assets
of the Trust, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging
techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 12.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">The table below summarizes the changes in the Trust&rsquo;s market price and NAV per share:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>4/30/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Change</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>High</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Low</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Market Price.</TD>

   <TD STYLE="text-indent: 3.2pt; text-align: center">$13.06</TD>

   <TD STYLE="text-indent: 1.13pt; text-align: center">$12.27</TD>

   <TD STYLE="text-indent: 3.18pt; text-align: center">6.44%</TD>

   <TD STYLE="text-align: center">$13.59</TD>

   <TD STYLE="text-align: center">$12.00</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Net Asset Value</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.2pt; text-align: center">$12.83</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 1.13pt; text-align: center">$12.19</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.18pt; text-align: center">5.25%</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$12.83</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$12.19</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The following charts show the sector and credit quality allocations of the Trust&rsquo;s long-term investments:</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Sector Allocation</FONT></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 66%"></TD>

   <TD STYLE="width: 19%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Health</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;18%</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;18%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Utilities</TD>

   <TD STYLE="text-align: center">15</TD>

   <TD STYLE="text-align: center">13</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Transportation</TD>

   <TD STYLE="text-align: center">15</TD>

   <TD STYLE="text-align: center">14</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Education</TD>

   <TD STYLE="text-align: center">14</TD>

   <TD STYLE="text-align: center">15</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County/City/Special District/School District</TD>

   <TD STYLE="text-align: center">14</TD>

   <TD STYLE="text-align: center">13</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State</TD>

   <TD STYLE="text-align: center">12</TD>

   <TD STYLE="text-align: center">12</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Housing</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;4</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;6</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Corporate</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;5</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;5</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Tobacco</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;3</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;4</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Credit Quality Allocation</FONT></B><B><SUP><FONT color=#394C87>5</FONT></SUP></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 66%"></TD>

   <TD STYLE="width: 19%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AAA/Aaa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;22%</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;21%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AA/Aa</TD>

   <TD STYLE="text-align: center">45</TD>

   <TD STYLE="text-align: center">46</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">A</TD>

   <TD STYLE="text-align: center">19</TD>

   <TD STYLE="text-align: center">17</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BBB/Baa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;7</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;9</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BB/Ba</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">B</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Not Rated<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;5</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;5</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of October 31, 2012 and April 30, 2012, the market value of these securities was $1,253,348 and $1,193,514,
each representing 1%, respectively, of the Trust&rsquo;s long-term investments.</TD>
</TR></TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name="page_7"></A><BR>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">
<TR vAlign=bottom>
   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of October 31, 2012</FONT></TD>
   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal 2020 Term Trust</font></b></TD>
</TR></TABLE>
<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT STYLE="color: #394C87">Trust Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>BlackRock Municipal 2020 Term Trust&rsquo;s (BKK) (the &ldquo;Trust&rdquo;) </B>investment objectives
are to provide current income exempt from regular federal income tax and to return $15 per Common Share (the initial offering
price per Common Share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives
by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except
that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at
least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly
in such securities or synthetically through the use of derivatives.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">No assurance can be given that the Trust&rsquo;s investment objectives will be achieved.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Performance</FONT></B></P>

<P style="TEXT-ALIGN: left">For the six-month period ended October 31, 2012, the Trust returned 7.04% based on market price and 4.32% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category
posted an average return of 9.55% based on market price and 7.15% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based
on price and performance based on NAV. The following discussion relates to performance based on NAV. During the period, the Trust benefited from rising municipal bond prices, a flatter yield curve and tighter credit spreads. The Trust&rsquo;s exposure to
intermediate-maturity bonds and lower-quality investment grade bonds had a significant positive impact on performance. The Trust is managed to a 2020 termination date and therefore generally maintains a shorter maturity profile than its Lipper category
competitors. The Trust&rsquo;s shorter maturity profile was a disadvantage relative to its Lipper category competitors as the municipal yield curve moved lower and flattened during the period. The Trust had limited exposure to the long end of the curve,
where interest rates fell the most, and therefore did not experience price appreciation of the same magnitude as did its Lipper category competitors with longer maturity profiles.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">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 views are not intended to be a forecast of future
events and are no guarantee of future results.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Information</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left>Symbol on NYSE</TD>

   <TD align=center>BKK</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left>Initial Offering Date</TD>

   <TD align=center>September 30, 2003</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left>Termination Date (on or about)</TD>

   <TD align=center>December 31, 2020</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left>Yield on Closing Market Price as of October 31, 2012 ($16.81)<SUP>1</SUP></TD>

   <TD align=center>4.44%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left>Tax Equivalent Yield<SUP>2</SUP></TD>

   <TD align=center>6.83%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.009pt" align=left>Current Monthly Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.06225</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left>Current Annualized Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.74700</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Economic Leverage as of October 31, 2012<SUP>4</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>34%</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">2</TD><TD STYLE="width: 5pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Represents Auction Market Preferred Shares (&ldquo;AMPS&rdquo;) and TOBs as a percentage
of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS and TOBs, minus the
sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks
of Leveraging on page 12.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">The table below summarizes the changes in the Trust&rsquo;s market price and NAV per share:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>4/30/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Change</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>High</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Low</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Market Price.</TD>

   <TD STYLE="text-indent: 3.2pt; text-align: center">$16.81</TD>

   <TD STYLE="text-indent: 1.13pt; text-align: center">$16.06</TD>

   <TD STYLE="text-indent: 3.18pt; text-align: center">4.67%</TD>

   <TD STYLE="text-align: center">$17.14</TD>

   <TD STYLE="text-align: center">$15.94</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Net Asset Value</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.2pt; text-align: center">$16.69</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 1.13pt; text-align: center">$16.36</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.18pt; text-align: center">2.02%</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$16.72</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$16.35</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The following charts show the sector and credit quality allocations of the Trust&rsquo;s long-term investments:</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Sector Allocation</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="66%"></TD>

   <TD width="19%"></TD>

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

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>State</TD>

   <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;18%</TD>

   <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;17%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Transportation</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">15</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">14</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Utilities</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">14</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">15</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Health</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">13</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">10</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Corporate</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">13</TD></TR>

<TR vAlign=bottom>

   <TD align=left>County/City/Special District/School District</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">13</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Tobacco</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;7</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;8</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Housing</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;5</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;4</TD></TR>

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;4</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;6</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Credit Quality Allocation </FONT></B><B><SUP><FONT color=#394C87>5</FONT></SUP></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 66%"></TD>

   <TD STYLE="width: 19%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AAA/Aaa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;14%</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;14%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AA/Aa</TD>

   <TD STYLE="text-align: center">23</TD>

   <TD STYLE="text-align: center">25</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">A</TD>

   <TD STYLE="text-align: center">34</TD>

   <TD STYLE="text-align: center">29</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BBB/Baa</TD>

   <TD STYLE="text-align: center">18</TD>

   <TD STYLE="text-align: center">22</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BB/Ba</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">B</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Not Rated<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;9</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;8</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of October 31, 2012 and April 30, 2012, the market value of these securities was $7,274,783, representing 1%,
and $14,828,808, representing 3%, respectively, of the Trust&rsquo;s long-term investments.</TD>
</TR></TABLE>
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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">
<TR vAlign=bottom>
   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of October 31, 2012</FONT></TD>
   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal Income Trust</font></b></TD>
</TR></TABLE>
<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>BlackRock Municipal Income Trust&rsquo;s (BFK) (the &ldquo;Trust&rdquo;) </B>investment objective is to provide current income exempt from regular federal income tax. The Trust seeks to achieve its investment objective by investing primarily
in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment
grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">No assurance can be given that the Trust&rsquo;s investment objective will be achieved.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Performance</FONT></B></P>

<P style="TEXT-ALIGN: left">For the six-month period ended October 31, 2012, the Trust returned 13.70% based on market price and 8.80% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged)
category posted an average return of 9.55% based on market price and 7.15% based on NAV. All returns reflect reinvestment of dividends. The Trust&rsquo;s premium to NAV, which widened during the period, accounts for the difference between performance
based on price and performance based on NAV. The following discussion relates to performance based on NAV. Contributing positively to performance during the period were the Trust&rsquo;s duration positioning (preference for securities with a higher
sensitivity to interest rate movements) and yield curve-flattening bias. The Trust has consistently emphasized longer-dated securities in order to benefit when long-term rates decline faster than short-term rates, a scenario that occurred during the
period. In addition, sector concentrations in health and transportation had a notable positive impact on returns. The Trust&rsquo;s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Security
selection detracted from performance in the state tax-backed and health sectors; however, the cumulative effect of security selection in the Fund was positive for the period. US Treasury financial futures contracts used to hedge interest rate risk in the
Trust also had a modestly negative impact on performance.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">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 views are not intended to be a forecast of future
events and are no guarantee of future results.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Information</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="67%"></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.009pt" align=left>Symbol on NYSE</TD>

   <TD align=center>BFK</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.009pt" align=left>Initial Offering Date</TD>

   <TD align=center>July 27, 2001</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Yield on Closing Market Price as of October 31, 2012 ($16.34)<SUP>1</SUP></TD>

   <TD align=center>5.88%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left>Tax Equivalent Yield<SUP>2</SUP></TD>

   <TD align=center>9.05%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left>Current Monthly Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.0801</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left>Current Annualized Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.9612</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.011pt" align=left>Economic Leverage as of October 31, 2012<SUP>4</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>39%</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Represents VMTP Shares and TOBs as a percentage of total managed assets, which is
the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities.
For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 12.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">The table below summarizes the changes in the Trust&rsquo;s market price and NAV per share:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>4/30/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Change</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>High</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Low</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Market Price.</TD>

   <TD STYLE="text-indent: 3.2pt; text-align: center">$16.34</TD>

   <TD STYLE="text-indent: 1.13pt; text-align: center">$14.83</TD>

   <TD STYLE="text-align: center">10.18%</TD>

   <TD STYLE="text-align: center">$16.68</TD>

   <TD STYLE="text-align: center">$14.82</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Net Asset Value</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.2pt; text-align: center">$15.32</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 1.13pt; text-align: center">$14.53</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">5.44%</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$15.32</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$14.53</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The following charts show the sector and credit quality allocations of the Trust&rsquo;s long-term investments:</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Sector Allocation</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="66%"></TD>

   <TD width="19%"></TD>

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

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>Transportation</TD>

   <TD ALIGN="CENTER" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;20%</TD>

   <TD ALIGN="CENTER" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;20%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Health</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">19</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">19</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Utilities</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">15</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">14</TD></TR>

<TR vAlign=bottom>

   <TD align=left>State</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">14</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">14</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Corporate</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;9</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;9</TD></TR>

<TR vAlign=bottom>

   <TD align=left>County/City/Special District/School District</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;9</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;9</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Education</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;8</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;8</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Tobacco</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;4</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;5</TD></TR>

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;2</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;2</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Credit Quality Allocation </FONT></B><B><SUP><FONT color=#394C87>5</FONT></SUP></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 66%"></TD>

   <TD STYLE="width: 19%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AAA/Aaa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;10%</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;11%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AA/Aa</TD>

   <TD STYLE="text-align: center">35</TD>

   <TD STYLE="text-align: center">35</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">A</TD>

   <TD STYLE="text-align: center">28</TD>

   <TD STYLE="text-align: center">26</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BBB/Baa</TD>

   <TD STYLE="text-align: center">15</TD>

   <TD STYLE="text-align: center">16</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BB/Ba</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">B</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;3</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;3</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Not Rated<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;8</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;8</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of October 31, 2012 and April 30, 2012, the market value of these securities was $24,545,262, representing 2%,
and $30,018,520, representing 4%, respectively, of the Trust&rsquo;s long-term investments.</TD>
</TR></TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_9"></A><BR>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">
<TR vAlign=bottom>
   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of October 31, 2012</FONT></TD>
   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Pennsylvania Strategic Municipal Trust</font></b></TD>
</TR></TABLE>
<P style="MARGIN: 0px">&nbsp;</P>



<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>BlackRock Pennsylvania Strategic Municipal Trust&rsquo;s (BPS) (the &ldquo;Trust&rdquo;) </B>investment objectives are to provide current income that is exempt from regular federal and Pennsylvania income taxes and to invest in municipal
bonds that over time will perform better than the broader Pennsylvania municipal bond market. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, primarily in municipal bonds exempt from federal income taxes
(except that the interest may be subject to the federal alternative minimum tax) and Pennsylvania income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time
of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">No assurance can be given that the Trust&rsquo;s investment objectives will be achieved.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Performance</FONT></B></P>

<P style="TEXT-ALIGN: left">For the six-month period ended October 31, 2012, the Trust returned 5.66% based on market price and 6.24% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average
return of 9.26% based on market price and 5.87% based on NAV. All returns reflect reinvestment of dividends. The Trust&rsquo;s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and
performance based on NAV. The following discussion relates to performance based on NAV. During the period, the Trust benefited from rising municipal bond prices, a flatter yield curve and tighter credit spreads. The Trust&rsquo;s exposure to
intermediate- and longer-maturity bonds and lower-quality investment grade bonds had a significant positive impact on performance. US Treasury financial futures contracts used to hedge interest rate risk in the Trust also had a modestly negative impact
on performance.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">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 views are not intended to be a forecast of future
events and are no guarantee of future results.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Information</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="66%"></TD>

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

<TR vAlign=bottom>

   <TD align=left>Symbol on NYSE MKT</TD>

   <TD align=center>BPS</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Initial Offering Date</TD>

   <TD align=center>August 25, 1999</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Yield on Closing Market Price as of October 31, 2012 ($15.69)<SUP>1</SUP></TD>

   <TD align=center>5.43%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left>Tax Equivalent Yield<SUP>2</SUP></TD>

   <TD align=center>8.35%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left>Current Monthly Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.071</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left>Current Annualized Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.852</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.002pt" align=left>Economic Leverage as of October 31, 2012<SUP>4</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>41%</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Represents Variable Rate Demand Preferred Shares (&ldquo;VRDP Shares&rdquo;) and TOBs
as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares
and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The
Benefits and Risks of Leveraging on page 12.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">The table below summarizes the changes in the Trust&rsquo;s market price and NAV per share:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>4/30/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Change</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>High</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Low</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Market Price.</TD>

   <TD STYLE="text-indent: 3.2pt; text-align: center">$15.69</TD>

   <TD STYLE="text-indent: 1.13pt; text-align: center">$15.27</TD>

   <TD STYLE="text-indent: 3.18pt; text-align: center">2.75%</TD>

   <TD STYLE="text-align: center">$16.33</TD>

   <TD STYLE="text-align: center">$14.84</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Net Asset Value</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.2pt; text-align: center">$15.57</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 1.13pt; text-align: center">$15.07</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.18pt; text-align: center">3.32%</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$15.61</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$15.06</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The following charts show the sector and credit quality allocations of the Trust&rsquo;s long-term investments:</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Sector Allocation</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="66%"></TD>

   <TD width="19%"></TD>

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

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>Health</TD>

   <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;29%</TD>

   <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;33%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>State</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">17</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Education</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">16</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">15</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Transportation</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">14</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">11</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Housing</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">10</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD></TR>

<TR vAlign=bottom>

   <TD align=left>County/City/Special District/School District</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;7</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">10</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Utilities</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;5</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;4</TD></TR>

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;2</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;3</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Credit Quality Allocation </FONT></B><B><SUP><FONT color=#394C87>5</FONT></SUP></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 66%"></TD>

   <TD STYLE="width: 19%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AA/Aa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;65%</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;67%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">A</TD>

   <TD STYLE="text-align: center">25</TD>

   <TD STYLE="text-align: center">19</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BBB/Baa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;8</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;9</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BB/Ba</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&#8212;&nbsp;</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;1</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Not Rated<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;2</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;4</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of October 31, 2012 and April 30, 2012, the market value of these securities was $557,358, representing 1%,
and $1,616,703, representing 4%, respectively, of the Trust&rsquo;s long-term investments.</TD>
</TR></TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name="page_10"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>




<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of October 31, 2012</FONT></TD>

   <TD STYLE="border-top: rgb(57,76,165) 4pt solid; text-align: right; font-size: 10pt; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Strategic</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Trust</FONT></B></TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>BlackRock Strategic Municipal Trust&rsquo;s (BSD) (the &ldquo;Trust&rdquo;) </B>investment objectives are to provide current income that is exempt from regular federal income tax and to invest in municipal bonds that over time will perform
better than the broader municipal bond market. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in investments exempt from federal income taxes (except that the interest may be
subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in investment grade quality securities at the time of investment and, under normal market conditions, primarily invests in municipal bonds with long-term
maturities in order to maintain a weighted average maturity of 15 years or more. The Trust may invest directly in such securities or synthetically through the use of derivatives.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">No assurance can be given that the Trust&rsquo;s investment objectives will be achieved.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Performance</FONT></B></P>

<P style="TEXT-ALIGN: left">For the six-month period ended October 31, 2012, the Trust returned 14.62% based on market price and 8.44% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged)
category posted an average return of 9.55% based on market price and 7.15% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between
performance based on price and performance based on NAV. Contributing positively to performance during the period were the Trust&rsquo;s duration positioning (preference for securities with a higher sensitivity to interest rate movements) and yield
curve-flattening bias. The Trust has consistently emphasized longer-dated securities in order to benefit when long-term rates decline faster than short-term rates, a scenario that occurred during the period. In addition, sector concentrations in health
and transportation had a notable positive impact on returns. The Trust&rsquo;s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Security selection detracted from performance in the health and
tobacco sectors; however, the cumulative effect of security selection in the Fund was positive for the period. US Treasury financial futures contracts used to hedge interest rate risk in the Trust also had a modestly negative impact on performance.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; font-size: 8pt">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 views are not intended to be a forecast of future
events and are no guarantee of future results.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Trust Information</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="66%"></TD>

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

<TR vAlign=bottom>

   <TD align=left>Symbol on NYSE</TD>

   <TD align=center>BSD</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Initial Offering Date</TD>

   <TD align=center>August 25, 1999</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Yield on Closing Market Price as of October 31, 2012 ($16.00)<SUP>1</SUP></TD>

   <TD align=center>5.55%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left>Tax Equivalent Yield<SUP>2</SUP></TD>

   <TD align=center>8.54%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left>Current Monthly Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.074</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left>Current Annualized Distribution per Common Share<SUP>3</SUP></TD>

   <TD align=center>$0.888</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.002pt" align=left>Economic Leverage as of October 31, 2012<SUP>4</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>38%</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Represents VMTP Shares and TOBs as a percentage of total managed assets, which is
the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities.
For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 12.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">The table below summarizes the changes in the Trust&rsquo;s market price and NAV per share:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>4/30/12</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Change</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>High</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Low</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Market Price.</TD>

   <TD STYLE="text-indent: 3.2pt; text-align: center">$16.00</TD>

   <TD STYLE="text-indent: 1.13pt; text-align: center">$14.38</TD>

   <TD STYLE="text-align: center">11.27%</TD>

   <TD STYLE="text-align: center">$16.26</TD>

   <TD STYLE="text-align: center">$14.21</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Net Asset Value</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 3.2pt; text-align: center">$15.19</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 1.13pt; text-align: center">$14.43</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">5.27%</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$15.19</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$14.43</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The following charts show the sector and credit quality allocations of the Trust&rsquo;s long-term investments:</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Sector Allocation</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="66%"></TD>

   <TD width="19%"></TD>

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

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>Health</TD>

   <TD ALIGN="CENTER" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;24%</TD>

   <TD ALIGN="LEFT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;23%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Transportation</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">21</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">20</TD></TR>

<TR vAlign=bottom>

   <TD align=left>State</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">17</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">15</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Utilities</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">11</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Education</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;9</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">11</TD></TR>

<TR vAlign=bottom>

   <TD align=left>Corporate</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;8</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;9</TD></TR>

<TR vAlign=bottom>

   <TD align=left>County/City/Special District/School District</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;6</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;8</TD></TR>

<TR vAlign=bottom>

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

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;3</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;3</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Credit Quality Allocation </FONT></B><B><SUP><FONT color=#394C87>5</FONT></SUP></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 66%"></TD>

   <TD STYLE="width: 19%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>10/31/12</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>4/30/12</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AAA/Aaa</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;13%</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;13%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AA/Aa</TD>

   <TD STYLE="text-align: center">38</TD>

   <TD STYLE="text-align: center">37</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">A</TD>

   <TD STYLE="text-align: center">23</TD>

   <TD STYLE="text-align: center">22</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BBB/Baa</TD>

   <TD STYLE="text-align: center">16</TD>

   <TD STYLE="text-align: center">16</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BB/Ba</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;2</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;2</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">B</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;2</TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;3</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Not Rated<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;6</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;7</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of October 31, 2012 and April 30, 2012, the market value of these securities was $4,722,844 and $4,567,039,
each representing 3%, respectively, of the Trust&rsquo;s long-term investments.</TD>
</TR></TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_11"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Call/Maturity Structure</FONT></P>

<P style="TEXT-ALIGN: left">The following table summarizes the percentage of each Trust&rsquo;s long-term investments with scheduled maturity dates and/or that are subject to potential calls by issuers over the next five years:</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

   <TD width="17%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="10%"></TD>

   <TD width="11%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Calendar Year Ended December 31,</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BKN</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BTA</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BKK</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BFK</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BPS</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BSD</B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.146pt" align=left>2012</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;3%</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;2%</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;2%</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;7%</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&#8212;&nbsp;&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;3%</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.146pt" align=left>2013</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">3</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&#8212;&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">20&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">5</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;&nbsp;4%</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">2</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.146pt" align=left>2014</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">5</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">&nbsp;&nbsp;8</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">6</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">5</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">2</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">3</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.146pt" align=left>2015</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">5</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">12</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">3</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">3</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">4</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">4</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6.146pt" align=left>2016</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">5</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">18</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">9</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">6</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">5</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">8</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87><A NAME="page_11a"></A>Derivative Financial Instruments</FONT></P>

<P style="TEXT-ALIGN: left">The Trusts may invest in various derivative financial instruments, including financial futures contracts,
as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative
financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge
market, interest rate and/or other risks. Derivative financial instruments involve risks, including the imperfect correlation
between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction
or illiquidity of the derivative financial instrument. The Trusts&rsquo; ability to use a derivative financial instrument successfully
depends on the investment advisor&rsquo;s ability to predict pertinent market movements accurately, which cannot be assured. The
use of derivative financial instruments may result in losses greater than if they had not been used, may require a Trust to sell
or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust
can realize on an investment, may result in lower dividends paid to shareholders or may cause a Trust to hold an investment that
it might otherwise sell. The Trusts&rsquo; investments in these instruments are discussed in detail in the Notes to Financial
Statements.</P><!-- Field: Page; Sequence: 12 -->
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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>The Benefits and Risks of Leveraging</FONT></P>

<P style="TEXT-ALIGN: left">The Trusts may utilize leverage to seek to enhance the yield and NAV of their common shares (&ldquo;Common Shares&rdquo;). However, these objectives cannot be achieved in all interest rate environments.</P>

<P style="TEXT-ALIGN: left">To obtain leverage, the Trusts, except for BTA, issue Auction Market Preferred Shares (&ldquo;AMPS&rdquo;), Variable Rate Demand Preferred Shares (&ldquo;VRDP Shares&rdquo;) or Variable Rate Muni Term Preferred Shares
(&ldquo;VMTP Shares&rdquo;) (collectively, &ldquo;Preferred Shares&rdquo;). Preferred Shares pay dividends at prevailing short-term interest rates, and the Trusts invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is
based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent
that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust&rsquo;s shareholders will benefit from the incremental net income.</P>

<P style="TEXT-ALIGN: left">The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV. However, in order to
benefit shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. If the yield curve becomes negatively sloped, meaning short-term interest rates exceed long-term interest
rates, income to shareholders will be lower than if the Trusts had not used leverage.</P>

<P style="TEXT-ALIGN: left">To illustrate these concepts, assume a Trust&rsquo;s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in
long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower
short-term interest rates. At the same time, the securities purchased by the Trust with assets received from Preferred Shares issuance earn the income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares
(&ldquo;Preferred Shareholders&rdquo;) are significantly lower than the income earned on the Trust&rsquo;s long-term investments, and therefore the holders of Common Shares (&lsquo;Common Shareholders&rdquo;) are the beneficiaries of the incremental net
income.</P>

<P style="TEXT-ALIGN: left">If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup will be reduced or eliminated completely. Furthermore, if prevailing short-term
interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Trust pays higher short-term interest rates whereas the Trust&rsquo;s total portfolio earns income based on lower long-term interest rates.</P>

<P style="TEXT-ALIGN: left">Furthermore, the value of the Trusts&rsquo; portfolio investments generally varies inversely with
the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast,
the redemption value of the Trusts&rsquo; Preferred Shares and/or debt securities does not fluctuate in relation to interest rates.
As a result, changes in interest rates can influence the Trusts&rsquo; NAVs positively or negatively in addition to the impact
on Trust performance from leverage from Preferred Shares discussed above.</P>

<P style="TEXT-ALIGN: left">The Trusts may also leverage their assets through the use of tender option bond trusts (&ldquo;TOBs&rdquo;), as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with
economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above.
Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Trust&rsquo;s NAV per share.</P>

<P style="TEXT-ALIGN: left">The use of leverage may enhance opportunities for increased income to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will
generally cause greater changes in the Trusts&rsquo; NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the
Trusts&rsquo; net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Trust&rsquo;s net income will be less than if leverage had not been
used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements
applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Trust to incur losses. The use of leverage may limit each Trust&rsquo;s ability to invest in certain types of securities or use certain types of
hedging strategies, such as in the case of certain restrictions imposed by rating agencies that rate the Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common
Shareholders and may reduce income to the Common Shares.</P>

<P style="TEXT-ALIGN: left">Under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Trusts are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed
assets (each Trust&rsquo;s total assets less the sum of its accrued liabilities). In addition, each Trust voluntarily limits its economic leverage to 50% of its total managed assets, while each Trust with VRDP Shares or VMTP Shares outstanding limits its
economic leverage to 45% of its total managed assets. As of October 31, 2012, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 80%; text-align: center"></TD>

   <TD STYLE="width: 20%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Percent of</B><BR><B>Economic</B><BR><B>Leverage</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-align: center">34%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-align: center">35%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-align: center">34%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: center">39%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-align: center">41%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">38%</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P><!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name="page_13"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="56%"></TD>

   <TD width="11%"></TD>

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

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments </FONT><FONT color=#394C87 STYLE="font-size: 10pt">October 31, 2012 (Unaudited)</FONT></TD>

   <TD NOWRAP align=left colspan="3" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right colspan="3" STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alabama &#151; 3.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Birmingham Special Care Facilities Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Children&rsquo;s Hospital (AGC):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">6.00%, 6/01/34</TD>

   <TD STYLE="text-align: left; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 1,745</TD>
   <TD STYLE="text-align: left; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 2,082,309</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 6/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">594,630</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Birmingham Water Works Board, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.75%, 1/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,434,476</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hoover City Board of Education, Refunding,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.25%, 2/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,050</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,260,694</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,372,109</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 8.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Arizona Health Facilities Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Phoenix Children&rsquo;s Hospital, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 2/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,300</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,531,759</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Arizona Sports &amp; Tourism Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Multipurpose Stadium Facilities, Series A</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(NPFGC), 5.00%, 7/01/13 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">773,610</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Arizona State University, RB, Series D,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 7/01/26</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">475</TD>

   <TD COLSPAN="2" STYLE="text-align: right">576,612</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Pinal Arizona Election District No. 3,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, 4.75%, 7/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,100,587</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pima County IDA, Refunding IDRB, Tucson Electric</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Power, 5.75%, 9/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,463,371</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt Verde Financial Corp., RB, Senior:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,035</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,195,715</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,585</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,306,862</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Luis Facility Development Corp., RB, Senior</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Lien, Regional Detention Center Project:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.25%, 5/01/15</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">305</TD>

   <TD COLSPAN="2" STYLE="text-align: right">303,881</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.00%, 5/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">490</TD>

   <TD COLSPAN="2" STYLE="text-align: right">499,580</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.25%, 5/01/27</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">980</TD>

   <TD COLSPAN="2" STYLE="text-align: right">944,357</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Arizona, COP, Department of</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Administration, Series A (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 10/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,226,291</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University Medical Center Corp. Arizona, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.50%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">872,535</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University Medical Center Corp. Arizona,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, 6.00%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,859,040</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">22,654,200</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arkansas &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Conway Arkansas, RB, Wastewater Revenue</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Improvement, Series A, 4.20%, 10/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">781,628</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Springdale Arizona, RB, Sales and Tax Use (b):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.00%, 11/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">975</TD>

   <TD COLSPAN="2" STYLE="text-align: right">952,663</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.00%, 11/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,520</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,482,486</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.00%, 11/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">465</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">449,334</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,666,111</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 23.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California County Tobacco Securitization Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, CAB, Stanislaus, Sub-Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">11.02%, 6/01/55 (c)</TD>

   <TD STYLE="text-align: left; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 7,090</TD>
   <TD STYLE="text-align: left; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 73,523</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, 5.00%, 2/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,352,980</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sutter Health, Series B, 5.88%, 8/15/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,300</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,775,663</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Carlsbad Unified School District, GO, Election of</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">2006, Series B, 4.97% 5/01/34 (d)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,220,880</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of San Jose California, Refunding ARB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A-1, AMT, 5.75%, 3/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,470,010</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Sacramento California, RB, Senior</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGM), 5.00%, 7/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,284,170</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dinuba Unified School District, GO, Election of</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">2006 (AGM):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.63%, 8/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">288,828</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.75%, 8/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">535</TD>

   <TD COLSPAN="2" STYLE="text-align: right">622,494</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Foothill Eastern Transportation Corridor Agency</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">California, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.75%, 1/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,495</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,496,468</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">CAB, 5.88%, 1/15/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,246,540</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hartnell Community College District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, CAB, Election of 2002, Series D,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.91% 8/01/34 (d)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,475</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,851,250</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Norwalk-La Mirada Unified School District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, CAB, Refunding, Election of 2002, Series E</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(AGC), 5.06%, 8/01/38 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">12,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,318,360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Palomar Community College District, GO, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Election of 2006, Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.61%, 8/01/30 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,010,854</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.98%, 8/01/33 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,250,860</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.75%, 8/01/39 (d)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,914,360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Diego Community College District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, CAB, Election of 2002, 4.77% 8/01/19 (d)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,464,748</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Jose Evergreen Community College District, GO,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Election of 2010, Series B, 3.50%, 8/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,800</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,846,386</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO, Various Purpose:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.75%, 4/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,555,120</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 3/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,814,709</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.50%, 4/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,900</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,646,344</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.50%, 3/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,650</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,212,757</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">(CIFG), 5.00%, 3/01/15 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">515</TD>

   <TD COLSPAN="2" STYLE="text-align: right">570,517</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">(CIFG), 5.00%, 3/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,485</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,755,266</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Refunding (NPFGC), 5.00%, 6/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,422,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">64,465,987</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Portfolio Abbreviations</FONT></B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="width: 30%; padding-right: 9pt"></TD>

   <TD STYLE="width: 7%"></TD>

   <TD STYLE="width: 28%"></TD>

   <TD STYLE="width: 7%"></TD>

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

<TR vAlign=bottom>

   <TD ROWSPAN="5" STYLE="text-align: left; vertical-align: top; padding-right: 9pt">To simplify the listings of portfolio holdings in the Schedules of Investments, the
   names and descriptions of many of the securities have been abbreviated according to the following list:</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>ACA</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">American Capital Access Corp.</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>HDA</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Housing Development Authority</TD></TR>

<TR vAlign=bottom>



   <TD STYLE="text-align: left; vertical-align: top"><B>AGC</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Assured Guaranty Corp.</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>HFA</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Housing Finance Agency</TD></TR>

<TR vAlign=bottom>



   <TD STYLE="text-align: left; vertical-align: top"><B>AGM</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Assured Guaranty Municipal Corp.</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>HRB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Housing Revenue Bonds</TD></TR>

<TR vAlign=bottom>



   <TD STYLE="text-align: left; vertical-align: top"><B>AMBAC</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">American Municipal Bond Assurance Corp.</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>IDA</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Industrial Development Authority</TD></TR>

<TR vAlign=bottom>



   <TD STYLE="text-align: left; vertical-align: top"><B>AMT</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Alternative Minimum Tax (subject to)</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>IDB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Industrial Development Board</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>ARB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Airport Revenue Bonds</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>IDRB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Industrial Development Revenue Bonds</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>ARS</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Auction Rate Securities</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>ISD</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Independent School District</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>CAB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Capital Appreciation Bonds</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>NPFGC</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">National Public Finance Guarantee Corp.</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>CIFG</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">CDC IXIS Financial Guaranty</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>PILOT</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Payment in lieu of taxes</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>COP</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Certificates of Participation</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>PSF-GTD</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Permanent School Fund Guaranteed</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>EDA</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Economic Development Authority</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>RB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Revenue Bonds</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>EDC</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Economic Development Corp.</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>S/F</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Single-Family</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>ERB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Education Revenue Bonds</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>SAN</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">State Aid Notes</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>FSA</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Financial Security Assurance, Inc.</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>Syncora</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Syncora Guarantee</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>GARB</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">General Airport Revenue Bonds</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>VRDN</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">Variable Rate Demand Notes</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 9pt">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><B>GO</B></TD>

   <TD STYLE="text-align: left; vertical-align: top">General Obligation Bonds</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>

   <TD width="16%"></TD>

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

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD NOWRAP align=left colspan="3" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right colspan="3" STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Park Creek Metropolitan District, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Limited Property Tax (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">6.00%, 12/01/38</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; width: 1%">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%; padding-right: 20pt"> 750</TD>
   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 1%">$</TD>
   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 14%"> 876,390</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Connecticut &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Connecticut State Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Hartford Healthcare, Series A, 5.00%, 7/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,373,025</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Lawrence &amp; Memorial Hospital, Series F,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 7/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">950</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,048,220</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Pomfret School, Series B, 4.00%, 7/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">730</TD>

   <TD COLSPAN="2" STYLE="text-align: right">745,644</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sacred Heart University, Series G,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.38%, 7/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">667,788</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,834,677</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Delaware &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Sussex Delaware, RB, NRG Energy, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Indian River Project, 6.00%, 10/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,800</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,028,528</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida &#151; 12.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Lee Florida, Refunding RB, Lee Airport,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, AMT (AGM), 5.00%, 10/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,311,490</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Miami-Dade Florida, RB, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series A (NPFGC) (c):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.29%, 10/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,767,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.32%, 10/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,225</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,484,834</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.30%, 10/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">15,375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,147,857</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.35%, 10/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,325,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.40%, 10/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,424,609</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.43%, 10/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,463,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Orange Florida, Refunding RB (Syncora),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.75%, 10/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,245,450</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hillsborough County IDA, RB, National Gypsum Co.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, AMT, 7.13%, 4/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,700</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,709,250</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Orange County Health Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Mayflower Retirement Center,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 6/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">208,640</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Sumter Landing Community Development District</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Florida, RB, Sub-Series B, 5.70%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,465</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,205,056</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Village Community Development District No. 6,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Special Assessment Bonds, 5.63%, 5/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,405</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,450,186</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">33,744,092</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Georgia &#151; 1.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chatham County Hospital Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Memorial Health University Medical Center, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 4.00%, 1/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,064,620</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Milledgeville &amp; Baldwin County Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Georgia College &amp; State University</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Foundation, 6.00%, 9/01/14 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,670,130</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,734,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Hawaii &#151; 0.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hawaii State Department of Budget &amp; Finance</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Living, Refunding RB, Special Purpose&#8212;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Kahala Nui, 5.25%, 11/15/37</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">639,012</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Idaho &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Idaho Health Facilities Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Trinity Health Group, Series B, 6.25%, 12/01/33</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,993,200</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 12.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Public Building Commission Building</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Illinois, RB, Series A (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.00%, 1/01/20 (e)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,672,250</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Transit Authority, RB, Sales Tax Receipts</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Revenue, 5.25%, 12/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,146,030</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago, Refunding RB, O&rsquo;Hare International</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Airport, Series B, AMT, 4.00%, 1/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,991,240</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Navistar International, Recovery Zone,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left; width: 70%">6.50%, 10/15/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; padding-right: 20pt; width: 14%"> 795</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 825,266</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Northwestern Memorial Hospital, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.50%, 8/15/14 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,800</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,331,106</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Rush University Medical Center, Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">6.63%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,480,008</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Friendship Village Schaumburg, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.63%, 2/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">345</TD>

   <TD COLSPAN="2" STYLE="text-align: right">347,173</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">OSF Healthcare System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">6.00%, 5/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,510</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,752,793</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Roosevelt University Project, 6.50%, 4/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,696,515</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Railsplitter Tobacco Settlement Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.25%, 6/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,723,420</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 6/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,700</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,018,240</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">34,984,041</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Indiana &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Improvement, U.S. Steel Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">6.00%, 12/01/26</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,350</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,391,324</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Iowa &#151; 1.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Iowa Higher Education Loan Authority, RB, Private</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">College Facility, Buena Vista University Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 4/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,355</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,520,933</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Iowa Higher Education Loan Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Private College Facility:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.75%, 9/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">965</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,081,688</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 9/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,673,595</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,276,216</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kansas &#151; 1.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kansas Development Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Sisters of Leavenworth, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,155</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,300,542</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pratt County Public Building Commission, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">3.25%, 12/01/32 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,473,855</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,774,397</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kentucky &#151; 2.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Norton Healthcare, Inc., Series B</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(NPFGC), 4.42%, 10/01/23 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">8,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,272,635</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisville &amp; Jefferson County Metropolitan</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Government, Refunding RB, Jewish Hospital &amp; St.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Mary&rsquo;s Healthcare, 6.13%, 2/01/18 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,250</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,858,422</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,131,057</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Louisiana &#151; 2.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lafayette Public Trust Financing Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Ragin Cajun Facilities Project:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.63%, 10/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">360</TD>

   <TD COLSPAN="2" STYLE="text-align: right">360,068</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.75%, 10/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">780,367</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Local Government Environmental</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities &amp; Community Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Parish of Plaquemines Project (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">4.00%, 9/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">720</TD>

   <TD COLSPAN="2" STYLE="text-align: right">722,765</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Westlake Chemical Corp., Series A-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">6.50%, 11/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,565</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,825,948</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Public Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 7/01/42 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,600,736</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Public Facilities Authority, RB, Belle</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Chasse Educational Foundation Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.50%, 5/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">700,596</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,990,480</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_15"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>

   <TD width="16%"></TD>

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

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD NOWRAP align=left colspan="3" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right colspan="3" STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland &#151; 1.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, Refunding RB, CNX Marine Terminals</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Inc., 5.75%, 9/01/25</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">180</TD>
   <TD STYLE="text-align: left; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 196,067</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Doctor&rsquo;s Community</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Hospital, 5.63%, 7/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,100</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,429,107</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,625,174</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 2.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Board of Control of Michigan Technological</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University, Refunding RB, General, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.00%, 10/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,930</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,022,389</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Michigan State Building Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Program, Series I, 6.25%, 10/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,875</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,194,463</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Royal Oak Hospital Finance Authority Michigan,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, William Beaumont Hospital,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">8.25%, 9/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,750</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,546,125</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,762,977</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Minnesota &#151; 1.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Minneapolis Minnesota, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Fairview Health Services, Series B (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.50%, 11/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,778,885</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Minnesota Higher Education Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, College of St. Scholarstica, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series 7, 4.00%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">151,362</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Securitization Authority Minnesota,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Tobacco Settlement, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 3/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,200</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,336,584</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,266,831</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Mississippi &#151; 3.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Mississippi Development Bank, RB, Hinds</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Community College District, Capital Improvement</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project (AGM), 5.00%, 4/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,910</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,130,529</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Mississippi Development Bank Special Obligation,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Jackson County Limited Tax Note (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 7/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,655</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,032,568</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Southern Mississippi, RB, Campus</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Improvements Project, 5.38%, 9/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,581,896</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Warren County Mississippi, RB, Gulf Opportunity</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Zone Bonds, International Paper Co. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, AMT, 5.38%, 12/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">656,082</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,401,075</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Missouri &#151; 1.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Missouri State Development Finance Board, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">St. Joseph Sewage System Improvements,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">Series E, 5.25%, 5/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">620</TD>

   <TD COLSPAN="2" STYLE="text-align: right">668,124</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B, 5.00%, 11/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,350</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,467,153</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Missouri State Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">A.T. Still University Health Sciences,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.25%, 10/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">567,740</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Heartland Regional Medical Center,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">4.13%, 2/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,530</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,544,642</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,247,659</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Montana &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Montana Facility Finance Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sisters of Leavenworth, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">4.75%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,361,450</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nebraska &#151; 1.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Plains Energy Project Nebraska, RB, Gas</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project No. 3:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 9/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">765</TD>

   <TD COLSPAN="2" STYLE="text-align: right">838,953</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 9/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">900</TD>

   <TD COLSPAN="2" STYLE="text-align: right">961,317</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Omaha Nebraska Sanitation Sewer Revenue, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.25%, 11/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,290</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,453,254</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,253,524</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nevada &#151; 0.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Clark Nevada, Refunding RB, Alexander</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">Dawson School Nevada Project, 5.00%, 5/15/29</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$ </TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%; padding-right: 20pt">1,065</TD>
   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 1%">$ </TD>
   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 14%">1,170,137</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Jersey &#151; 6.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Middlesex County Improvement Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Subordinate, Heldrich Center Hotel, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.25%, 1/01/37 (f)(g)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,510</TD>

   <TD COLSPAN="2" STYLE="text-align: right">112,722</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Cigarette Tax, 5.75%, 6/15/14 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,711,160</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Continental Airlines, Inc. Project, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.25%, 9/15/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,335</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,366,653</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, University of Medicine &amp; Dentistry,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.13%, 12/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">950</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,220,645</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.50%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,225</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,542,875</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Health Care Facilities Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Barnabas Health,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.63%, 7/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">770</TD>

   <TD COLSPAN="2" STYLE="text-align: right">810,687</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.63%, 7/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,560</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,875,955</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey State Housing &amp; Mortgage Finance</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Agency, RB, Series AA, 6.50%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">635,106</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Transportation Trust Fund Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Transportation System, Series B, 5.25%, 6/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,860</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,305,617</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,581,420</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 7.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Albany Industrial Development Agency, RB, New</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Covenant Charter School Project, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.00%, 5/01/35 (f)(g)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">725</TD>

   <TD COLSPAN="2" STYLE="text-align: right">108,736</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hudson New York Yards Infrastructure Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">(AGM), 5.00%, 2/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,336,050</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">(NPFGC), 4.50%, 2/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,980</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,052,884</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">(NPFGC), 5.00%, 2/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,594,605</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Long Island Power Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.75%, 4/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,475</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,954,407</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Industrial Development Agency, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">American Airlines, Inc., JFK International Airport,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">AMT, 7.63%, 8/01/25 (f)(g)(h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,742,428</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Queens Baseball Stadium, PILOT, (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">6.50%, 1/01/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">300</TD>

   <TD COLSPAN="2" STYLE="text-align: right">354,252</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Priority, Bank of America Tower at One</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Bryant Park Project, 6.38%, 7/15/49</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,452,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority, RB, Rochester</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Institute of Technology, 6.00%, 7/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,625</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,912,430</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Onondaga Civic Development Corp., RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.50%, 7/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,420</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,382,611</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">810</TD>

   <TD COLSPAN="2" STYLE="text-align: right">823,616</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Westchester County Healthcare Corp. New York,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Senior Lien, 5.00%, 11/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,778,704</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">19,492,723</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Carolina &#151; 2.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Charlotte North Carolina, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.50%, 7/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">325</TD>

   <TD COLSPAN="2" STYLE="text-align: right">378,329</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Gaston County Industrial Facilities &amp; Pollution</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Control Financing Authority North Carolina, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Exempt Facilities, National Gypsum Co. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT, 5.75%, 8/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,425</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,218,244</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Capital Facilities Finance Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Duke Energy Carolinas Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 4.38%, 10/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,385</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,506,063</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_16"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>

   <TD width="16%"></TD>

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

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD NOWRAP align=left colspan="3" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right colspan="3" STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Carolina (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Medical Care Commission,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">South Eastern Medical Region,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left; width: 70%">3.25%, 6/01/27</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">450</TD>
   <TD STYLE="text-align: left; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">438,525</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">South Eastern Medical Region,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 6/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">985</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,123,324</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">University Health System, Series D,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">6.25%, 12/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,750</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,106,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,770,785</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Dakota &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Fargo North Dakota, Refunding RB, University</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Development Foundation Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">3.00%, 12/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">592,620</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Grand Forks North Dakota, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,120</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,307,005</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,899,625</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Ohio &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kent State University, RB, General Receipts,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.00%, 5/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,355,808</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Miami University Oxford Ohio, RB, General Receipts,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">3.25%, 9/01/34 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,200</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,166,460</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,522,268</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Oregon &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Oregon Health &amp; Science University, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.75%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,445,625</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Oregon Health &amp; Science University, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 3.00%, 7/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,514,160</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Oregon State Facilities Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Limited College Project, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 10/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">554,560</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,514,345</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Pennsylvania &#151; 3.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Allegheny Pennsylvania IDA,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, U.S. Steel Corp. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.55%, 12/01/27</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,535</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,723,148</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Delaware River Port Authority, RB, Series D (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,640</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,071,340</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">McKeesport Area School District, Refunding GO,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">CAB (NPFGC) (c):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.12%, 10/01/31 (e)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">278,375</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.62%, 10/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,435</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,026,279</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pennsylvania Higher Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, 5.00%, 11/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,656,480</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,755,622</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Puerto Rico &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">CAB, Series A, 5.82%, 8/01/35 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">271,180</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">First Sub-Series A, 5.75%, 8/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,656,645</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, CAB, Series A (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.58%, 8/01/41 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,540,125</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,467,950</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Rhode Island &#151; 3.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Rhode Island Health &amp; Educational Building Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Hospital Financing, LifeSpan Obligation,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGC), 7.00%, 5/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,635,490</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Rhode Island Health &amp; Educational Building Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Rhode Island School of Design,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">3.50%, 6/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,605</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,615,418</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Rhode Island, COP, Series C, School for the</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Deaf (AGC), 5.38%, 4/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,330</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,513,926</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,764,834</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Carolina &#151; 3.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina Jobs-EDA, Refunding RB, Palmetto</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Health Alliance:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">Series A, 6.25%, 8/01/31</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">2,185</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 2,276,857</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series C, 6.88%, 8/01/13 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,560</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,735,793</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina State Housing Finance &amp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Development Authority, Refunding RB, Series A-2,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT (AMBAC), 5.15%, 7/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,760</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,959,694</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,972,344</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Tennessee &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Johnson City Health &amp; Educational Facilities Board,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, 5.00%, 8/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,292,304</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Memphis-Shelby County Sports Authority, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Memphis Arena Project, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 11/01/27</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,135</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,282,414</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.38%, 11/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,130,420</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Shelby County Health Educational &amp; Housing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Board, RB, Methodist Le Bonheur</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Healthcare, 5.00%, 5/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,800</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,972,404</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,677,542</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 10.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County Health Facilities Development Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Memorial Hermann Healthcare</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">System, Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.13%, 12/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,242,870</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.25%, 12/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,650</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,325,564</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County-Houston Sports Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, CAB, Senior Lien, Series A</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(NPFGC), 5.67%, 11/15/38 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,167,550</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Love Field Airport Modernization Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Southwest Airlines Co. Project, 5.25%, 11/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,445</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,556,959</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lower Colorado River Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (NPFGC), 5.00%, 5/15/13 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,128</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Matagorda County Navigation District No. 1 Texas,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Central Power &amp; Light Co. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 6.30%, 11/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,573,824</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Midland County Fresh Water Supply District No 1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, City of Midland Project:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.38%, 9/15/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,425</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,424,588</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">CAB, 4.63%, 9/15/36 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,640</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,559,476</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A, CAB, 4.80%, 9/15/38 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">16,780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,917,715</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas Private Activity Bond Surface Transportation</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., RB, Senior Lien, LBJ Infrastructure Group</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">LLC, LBJ Freeway Managed Lanes Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.00%, 6/30/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,702,780</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas State Turnpike Authority, RB, CAB (AMBAC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.97%, 8/15/31 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">15,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,962,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">28,439,354</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Vermont &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Vermont &amp; State Agricultural College,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series A (GO OF UNIV),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.00%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,800</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,861,380</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Vermont Educational &amp; Health Buildings Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Agency, RB, Hospital, Fletcher Allen Health,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 4.75%, 12/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,495</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,551,646</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Vermont Educational &amp; Health Buildings Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Agency, Refunding RB, St. Michaels College,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 10/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,350</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,498,081</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,911,107</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia Small Business Financing Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Lien, Elizabeth River Crossing OPCO LLC</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Project, AMT, 5.50%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,870</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,050,492</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_17"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>

   <TD width="16%"></TD>

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

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD NOWRAP align=left colspan="3" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right colspan="3" STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 3pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 3pt"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Washington &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Healthcare Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">MultiCare Health System, Series B (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">6.00%, 8/15/39</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 1%">$</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 14%; padding-right: 20pt"> 2,100</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$ </TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%; padding-right: 3pt">2,460,864</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>West Virginia &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">West Virginia State University, RB, West Virginia</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">University Projects, Series B, 5.00%, 10/01/36</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,650</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">1,917,679</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wisconsin &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin State Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 8/15/32</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,800</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">2,001,547</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wyoming &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Sweetwater Wyoming, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Idaho Power Co. Project, 5.25%, 7/15/26</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,800</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">2,054,052</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><B>Total Municipal Bonds &#151; 137.6%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right; padding-right: 3pt">380,899,951</TD></TR>


<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>
   <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Tender Option Bond Trusts (i)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 2.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, RB, Catholic</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Health, Series C-7 (AGM), 5.00%, 9/01/36</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">5,250</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">5,627,318</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Water Resources Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, General, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 8/01/41</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,070</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">3,453,443</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 2.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Michigan State Hospital Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Refunding RB, 4.00%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">6,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">6,267,180</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 7.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hudson New York Yards Infrastructure Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior, Series A, 5.75%, 2/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,750</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">2,066,007</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Municipal Water Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Water &amp; Sewer System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.75%, 6/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">690</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">829,641</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Municipal Water Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Water Sewer System:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Second Generation Resolution, Series FF-2,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 26pt; text-align: left">5.50%, 6/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">810</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">970,431</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Series A, 4.75%, 6/15/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">4,502,800</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 12/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">5,174,614</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority, RB, New York</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University, Series A, 5.00%, 7/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,359</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">3,708,550</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.00%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,200</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">1,383,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Thruway Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.00%, 3/15/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,360</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">2,799,951</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">21,435,714</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Ohio &#151; 1.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Montgomery Ohio, RB, Catholic Health,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series C-1 (AGM), 5.00%, 10/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,740</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">1,855,049</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Ohio Higher Educational Facility Commission,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Hospital, Cleveland Clinic Health,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.25%, 1/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">2,871,414</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">4,726,463</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Tender Option Bond Trusts &#151; 15.0%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">41,510,118</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>(Cost &#151; $381,581,250) &#151; 152.6%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">422,410,069</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Short-Term Securities</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 20pt"><B>Shares</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>

<TR>

   <TD COLSPAN="4">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">FFI Institutional Tax-Exempt Fund, 0.04% (j)(k)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">6,735,125</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$ </TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">6,735,125</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>(Cost &#151; $6,735,125) &#151; 2.4%</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">6,735,125</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Investments (Cost &#151; $388,316,375) &#151; 155.0%</B></TD>

   <TD STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">429,145,194</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liabilities in Excess of Other Assets &#151; (1.5)%</B></TD>

   <TD STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: -2pt">(4,235,253)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including</B></TD>

   <TD STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left"><B>Interest Expense and Fees Payable &#151; (8.0)%</B></TD>

   <TD STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">(22,065,572)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>VMTP Shares, at Liquidation Value &#151; (45.5)%</B></TD>

   <TD STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(125,900,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; width: 71%"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>

   <TD STYLE="text-align: left; width: 14%; padding-right: 20pt">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right; width: 14%; padding-right: 3pt"> 276,944,369</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Counterparty</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Value</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Unrealized</B><BR><B>Appreciation</B><BR><B>(Depreciation)</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; width: 49%">Crews &amp; Associates, Inc.</TD>

   <TD STYLE="text-align: center; width: 30%">$2,884,483</TD>

   <TD STYLE="text-align: right; width: 8%">$</TD>
   <TD STYLE="text-align: center; width: 16%"> &nbsp;&nbsp;5,296</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">JPMorgan Chase &amp; Co.</TD>

   <TD STYLE="text-align: center">$2,600,736</TD>

   <TD STYLE="text-align: right">$</TD>
   <TD STYLE="text-align: center">10,032</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">National Financial Services LLC</TD>

   <TD STYLE="text-align: center">$1,166,460</TD>

   <TD STYLE="text-indent: 9.34pt; text-align: right">$</TD>
   <TD STYLE="text-indent: 9.34pt; text-align: center">&nbsp;&nbsp; (564)&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Piper Jaffray</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$1,473,855</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">88,371</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown is as of report date. </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right; vertical-align: top">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Security is collateralized by Municipal or US Treasury
obligations.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(g)</TD><TD STYLE="width: 5pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Fund&rsquo;s
acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes
to Financial Statements for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(j)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in issuers considered to be an affiliate of the Trust during the period
ended October 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="25%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="17%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="12%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; text-align: left"><B>Affiliate</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>April 30,</B><BR><B>2012</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>October 31,</B><BR><B>2012</B></TD>

   <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; text-align: center"><B>Income</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>FFI Institutional</TD>

   <TD 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; TEXT-INDENT: 5.986pt" align=left>Tax-Exempt Fund</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>4,510,968</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>2,224,157</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>6,735,125</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$ 496</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(k)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_18"></A><BR>



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<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (concluded)</FONT></TD>

   <TD STYLE="border-top: rgb(57,76,165) 4pt solid; text-align: left; text-align: right; font-size: 10pt; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Investment</FONT></B> <B><FONT STYLE="color: #394C87">Quality</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Trust Inc. (BKN)</FONT></B></TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#8212; Various inputs are used in determining the fair value
of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial statement purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities that the Trust has the ability to access</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust&rsquo;s own assumptions used in determining
the fair value of investments)</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest
priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the
fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value
measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement
in its entirety.</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques
may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust&rsquo;s
policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning
of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the
investment and is not necessarily an indication of the risks associated with investing in those securities. For information about
the Trust&rsquo;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1
of the Notes to Financial Statements.</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following table summarizes
the Trust&rsquo;s investments categorized in the disclosure hierarchy as of October 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

    <TD STYLE="width: 22pt">&nbsp;</TD>
   <TD STYLE="text-align: left"></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="padding-left: 10pt; text-align: left">Long-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="padding-left: 20pt; text-align: left">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$422,410,069</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$422,410,069</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="padding-left: 10pt; text-align: left">Short-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="padding-left: 20pt; text-align: left">Securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$6,735,125</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">6,735,125</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$6,735,125</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$422,410,069</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$429,145,194</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Certain of the Trust&rsquo;s
liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2012,
such liabilities are categorized within the disclosure hierarchy as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

    <TD STYLE="width: 22pt">&nbsp;</TD>
   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-indent: 0.01pt; text-align: left"><B>Liabilities:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-indent: 0pt; text-align: left">Bank 0verdraft</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172,474)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (172,474)</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left">TOB trust</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="padding-left: 10pt; text-align: left">certificates</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(22,053,381)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(22,053,381)</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left">VMTP Shares</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(125,900,000)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(125,900,000)</TD></TR>

<TR vAlign=bottom>

    <TD>&nbsp;</TD>
   <TD STYLE="text-indent: 0.01pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$(148,125,855)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$(148,125,855)</TD></TR></TABLE></DIV>

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

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">There were no transfers between levels during
the period ended October 31, 2012.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_19"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="57%"></TD>


   <TD width="30%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments </FONT><FONT color=#394C87 STYLE="font-size: 10pt">October 31, 2012 (Unaudited)</FONT></TD>

   <TD NOWRAP STYLE="border-top: rgb(57,76,165) 4pt solid; text-align: right; font-size: 10pt; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR>

<TR vAlign=bottom>

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


   <TD align=right><FONT STYLE="font-size: 8pt; color: rgb(57,76,135)"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alabama &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Jefferson Alabama, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">5.25%, 1/01/19</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt; width: 14%"> 515</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%"> 514,691</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt Verde Financial Corp., RB, Senior,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,090</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,261,610</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 5.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">St. Joseph Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.75%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">385</TD>

   <TD COLSPAN="2" STYLE="text-align: right">444,752</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Stanford Hospital and Clinics, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 8/15/51</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">458,056</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sutter Health, Series B, 6.00%, 8/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,040</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,249,622</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Catholic Healthcare West, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">680</TD>

   <TD COLSPAN="2" STYLE="text-align: right">804,202</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California HFA, RB, Home Mortgage, Series K, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 2/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">480</TD>

   <TD COLSPAN="2" STYLE="text-align: right">496,997</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California State Public Works Board, RB, Various</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Capital Projects, V,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series I-1, 6.38%, 11/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">484,104</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles Department of Airports,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Senior Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 5/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">304,627</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Los Angeles International Airport, 5.00%, 5/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,045</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,311,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Marcos Unified School District, GO, CAB, SAN,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Election of 2010, Series B, 5.20%, 8/01/38 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,725</TD>

   <TD COLSPAN="2" STYLE="text-align: right">993,197</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO, Various Purpose,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.50%, 4/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,514,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,062,027</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Evangelical Lutheran Good Samaritan Society</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, 5.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">315</TD>

   <TD COLSPAN="2" STYLE="text-align: right">336,496</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Range Metropolitan District No. 2, GO,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Limited Tax, 5.50%, 12/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,200</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,174,344</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,510,840</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Delaware &#151; 1.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Sussex Delaware, RB, NRG Energy, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Indian River Project, 6.00%, 10/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">845,220</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Delaware State EDA, RB, Exempt Facilities, Indian</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">River Power, 5.38%, 10/01/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,165</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,253,097</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,098,317</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>District of Columbia &#151; 4.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">District of Columbia, RB, Methodist Home District of</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Columbia, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.38%, 1/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">572,698</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.50%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">520,235</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">District of Columbia, Tax Allocation Bonds, City</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Market at O Street Project, 5.13%, 6/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">811,665</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">District of Columbia Tobacco Settlement Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., Refunding RB, Asset-Backed,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.25%, 5/15/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,380</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,467,425</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Washington Airports Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, First Senior Lien, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 10/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">170</TD>

   <TD COLSPAN="2" STYLE="text-align: right">187,296</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 10/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,111,190</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,670,509</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida &#151; 2.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Mid-Bay Bridge Authority, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.25%, 10/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">745</TD>

   <TD COLSPAN="2" STYLE="text-align: right">943,632</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Sumter Landing Community Development District</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Florida, RB, Sub-Series B, 5.70%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,355</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,253,348</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tolomato Community Development District, Special</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Assessment Bonds, 6.65%, 5/01/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 1,115</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 382,547</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tolomato Community Development District, Special</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Assessment Bonds, Refunding:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.19%, 5/01/17 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">95</TD>

   <TD COLSPAN="2" STYLE="text-align: right">68,169</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.40%, 5/01/19 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">225</TD>

   <TD COLSPAN="2" STYLE="text-align: right">129,616</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.46%, 5/01/22 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">120</TD>

   <TD COLSPAN="2" STYLE="text-align: right">50,852</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.65%, 5/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">355</TD>

   <TD COLSPAN="2" STYLE="text-align: right">347,268</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Watergrass Community Development District,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Special Assessment Bonds, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.38%, 5/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,845</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">971,171</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,146,603</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Guam &#151; 0.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Territory of Guam, GO, Series A, 6.00%, 11/15/19</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">220,394</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 7.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Board of Education Illinois, GO, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 12/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">720</TD>

   <TD COLSPAN="2" STYLE="text-align: right">842,810</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Transit Authority, RB, Sales Tax Receipts</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Revenue, 5.25%, 12/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">360</TD>

   <TD COLSPAN="2" STYLE="text-align: right">412,571</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, GO, Project, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,570</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,765,025</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois O&rsquo;Hare International Airport,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, General Third Lien, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.75%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,950,925</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, Refunding RB, Sales Tax</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Revenue, Series A, 5.25%, 1/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">280</TD>

   <TD COLSPAN="2" STYLE="text-align: right">324,072</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, RB, Advocate Health Care,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series C, 5.38%, 4/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,845</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,035,533</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">335</TD>

   <TD COLSPAN="2" STYLE="text-align: right">374,470</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">610</TD>

   <TD COLSPAN="2" STYLE="text-align: right">677,869</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central DuPage Health, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">619,955</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Pier &amp; Exposition Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, McCormick Place Expansion Project:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B, 5.00%, 6/15/50</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,095</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,192,126</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B-2, 5.00%, 6/15/50</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">653,034</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Railsplitter Tobacco Settlement Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 6/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">180</TD>

   <TD COLSPAN="2" STYLE="text-align: right">210,218</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Illinois, RB, Build Illinois, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 6/15/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">215</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">246,771</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,305,379</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Indiana &#151; 1.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Wastewater Utility (CWA Authority Project), First</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Lien, Series A, 5.25%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">618,953</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sisters of St. Francis Health, 5.25%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">290</TD>

   <TD COLSPAN="2" STYLE="text-align: right">319,566</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Ascension Health Senior Credit, Series B-5,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 11/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">539,560</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Parkview Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.75%, 5/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">696,402</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority Hospital, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(Community Health Network Project), Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 5/01/42 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">665</TD>

   <TD COLSPAN="2" STYLE="text-align: right">726,333</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Municipal Power Agency, RB, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">350</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">423,482</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,324,296</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Iowa &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Iowa Student Loan Liquidity Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Series A-1, AMT, 5.15%, 12/01/22</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">975</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,110,193</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_20"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>


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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD NOWRAP STYLE="border-top: rgb(57,76,165) 4pt solid; text-align: right; font-size: 10pt; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR>

<TR vAlign=bottom>

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


   <TD align=right><B><FONT color=#394C87 STYLE="font-size: 8pt">(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kentucky &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">RB, Series A, 6.38%, 6/01/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; padding-right: 20pt; width: 14%"> 350</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 416,500</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Owensboro Medical Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">System, Series B, 6.38%, 3/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">370</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">439,486</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">855,986</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Louisiana &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Local Government Environmental</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities &amp; Community Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A-1, 6.50%, 11/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,135</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,324,250</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Westlake Chemical Corp. Projects,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">6.75%, 11/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,250,880</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,575,130</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maine &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maine Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Maine General Medical Center,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.75%, 7/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,166,832</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maine State Turnpike Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">310</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">358,301</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,525,133</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland &#151; 2.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, RB, Transportation Facilities Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.75%, 6/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,094,936</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, Refunding RB, CNX Marine</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Terminals, Inc., 5.75%, 9/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,089,260</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, 5.00%, 11/15/51</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,445</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,611,695</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,795,891</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 0.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Development Finance Agency, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Wellesley College, Series J, 5.00%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">630</TD>

   <TD COLSPAN="2" STYLE="text-align: right">736,754</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Partners Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series J1, 5.00%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">615</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">672,459</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,409,213</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 2.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Detroit Michigan Sewage Disposal System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Senior Lien, Series B (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.50%, 7/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">560</TD>

   <TD COLSPAN="2" STYLE="text-align: right">702,352</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Detroit Michigan Water Supply System, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Lien, Series A, 5.25%, 7/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,597,635</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Royal Oak Hospital Finance Authority Michigan,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, William Beaumont Hospital,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">8.25%, 9/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,400</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,805,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,105,287</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Minnesota &#151; 1.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Securitization Authority Minnesota,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 3/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,754,922</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 3/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">650</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">723,983</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,478,905</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nebraska &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Plains Energy Project Nebraska, RB, Gas</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project No. 3:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 9/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">285</TD>

   <TD COLSPAN="2" STYLE="text-align: right">312,551</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 9/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">534,065</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">846,616</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Jersey &#151; 1.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, RB, Continental Airlines, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">6.40%, 9/15/23</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; padding-right: 20pt; width: 14%"> 525</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 534,613</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.25%, 9/15/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">163,794</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, Refunding RB, Cigarette Tax</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Revenue, 5.00%, 6/15/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">335</TD>

   <TD COLSPAN="2" STYLE="text-align: right">381,126</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Transportation Trust Fund Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Transportation System, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 6/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">845</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">976,659</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,056,192</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 5.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Transportation Authority, RB, Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">190</TD>

   <TD COLSPAN="2" STYLE="text-align: right">214,979</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Transportation Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Transportation, Series D, 5.25%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">465,424</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Industrial Development Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">American Airlines, JFK International Airport,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">7.63%, 8/01/25 (d)(e)(f)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,219,120</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">British Airways Place Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">7.63%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,025,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Transitional Finance Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series E, 5.00%, 2/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">850</TD>

   <TD COLSPAN="2" STYLE="text-align: right">979,710</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Priority, Bank of America Tower at One</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Bryant Park Project, 6.38%, 7/15/49</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">420</TD>

   <TD COLSPAN="2" STYLE="text-align: right">487,872</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority, RB, New York</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University, Series A, 5.25%, 7/01/48</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,117,790</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Thruway Authority, RB, Series I,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">615</TD>

   <TD COLSPAN="2" STYLE="text-align: right">698,135</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Port Authority of New York &amp; New Jersey, RB, JFK</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">International Air Terminal, 6.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">430</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">501,806</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,709,836</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Carolina &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Medical Care Commission, RB, Duke</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 6/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">480</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">527,026</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Ohio &#151; 1.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Buckeye Tobacco Settlement Financing Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Ohio, Tobacco Settlement Asset-Backed Bonds,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A-2, 5.75%, 6/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,295</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,933,056</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Ohio, RB, Ford Motor Co. Project, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.75%, 4/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,040,130</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,973,186</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Oregon &#151; 0.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Tigard Washington County Oregon, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">RB, Water System, 5.00%, 8/01/37</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">90</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">104,702</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Puerto Rico &#151; 2.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., RB, First</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series A, 6.50%, 8/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,705</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,999,965</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, CAB (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">First Sub-Series C, 5.36%, 8/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,490</TD>

   <TD COLSPAN="2" STYLE="text-align: right">327,591</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series C, 5.97%, 8/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">8,540</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,026,713</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,354,269</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Dakota &#151; 0.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Dakota Health and Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, (Sanford), Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/01/42 (c)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">375</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">410,839</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_21"></A><BR>



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   <TD width="51%"></TD>


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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD NOWRAP STYLE="border-top: rgb(57,76,165) 4pt solid; text-align: right; font-size: 10pt; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR>

<TR vAlign=bottom>

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


   <TD align=right><B><FONT color=#394C87 STYLE="font-size: 8pt">(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



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   <TD STYLE="text-align: center"></TD>

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   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Tennessee &#151; 0.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Rutherford County Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Board, RB, Ascension Health, Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">5.00%, 11/15/47</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 1%">$</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 14%; padding-right: 20pt"> 75</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%"> 84,769</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 7.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Brazos River Authority, RB, TXU Electric, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT, 8.25%, 10/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">239,160</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Texas Regional Mobility Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Senior Lien, 6.25%, 1/01/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">730</TD>

   <TD COLSPAN="2" STYLE="text-align: right">852,844</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Austin Texas, Refunding RB, Water &amp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Wastewater System Revenue, 5.00%, 11/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">220</TD>

   <TD COLSPAN="2" STYLE="text-align: right">257,270</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Dallas Texas, Refunding RB, Waterworks &amp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sewer System, 5.00%, 10/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">525</TD>

   <TD COLSPAN="2" STYLE="text-align: right">605,687</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Houston Texas, Refunding RB, Senior Lien,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.50%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">290,105</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Clifton Higher Education Finance Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/15/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">205</TD>

   <TD COLSPAN="2" STYLE="text-align: right">220,941</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Fort Bend County Industrial Development Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(NRG Energy, Inc. Project), Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.75%, 11/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">520</TD>

   <TD COLSPAN="2" STYLE="text-align: right">526,198</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">HFDC of Central Texas Inc., RB, Village at</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Gleannloch Farms, Series A, 5.50%, 2/15/27</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,155,555</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Houston Higher Education Finance Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Cosmos Foundation, Inc. Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.88%, 5/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">255,050</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Matagorda County Navigation District No. 1 Texas,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Central Power &amp; Light Co. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 6.30%, 11/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">700</TD>

   <TD COLSPAN="2" STYLE="text-align: right">818,944</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Midland County Fresh Water Supply District Number</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">1, RB, (City of Midland Project), Series A, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.71%, 9/15/37 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,726,615</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Texas Tollway Authority, Refunding RB, Toll,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Tier, Series F, 6.13%, 1/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,290</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,539,656</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tarrant County Cultural Education Facilities Finance</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., RB, Scott &amp; White Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 8/15/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,390</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,651,098</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas Private Activity Bond Surface Transportation</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., RB, Senior Lien, LBJ Infrastructure Group</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">LLC, LBJ Freeway Managed Lanes Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.00%, 6/30/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,234,260</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Texas System, Refunding RB, Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">System Series B, 5.00%, 8/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,070</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,264,258</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,637,641</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Utah &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Utah County Utah Hospital, RB, (IHC Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Services, Inc.), 5.00%, 5/15/43</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">710</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">800,859</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 2.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Peninsula Ports Authority, Refunding RB, Virginia</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Baptist Homes, Series C, 5.38%, 12/01/26</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,435,472</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia HDA, RB, Rental Housing, Series F,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 4/01/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,072,360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia Small Business Financing Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Elizabeth River Crossings Project, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.25%, 1/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">275</TD>

   <TD COLSPAN="2" STYLE="text-align: right">300,245</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">6.00%, 1/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,725,480</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.50%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">400</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">438,608</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,972,165</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wisconsin &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Ascension Health Credit Group, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/15/31</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,835</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,160,345</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wyoming &#151; 0.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wyoming Municipal Power Agency, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">108,655</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Total Municipal Bonds &#151; 61.4%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">105,717,504</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds Transferred to</B><BR><B>Tender Option Bond Trusts (g)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt River Project Agricultural Improvement &amp; Power</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">District, RB, Series A, 5.00%, 1/01/38</TD>

   <TD STYLE="width: 1%; text-align: right; border-bottom: #000000 1px solid">$</TD>

   <TD STYLE="width: 14%; text-align: right; border-bottom: #000000 1px solid; padding-right: 20pt"> 820</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%"> 932,743</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 12.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Bay Area Toll Authority, Refunding RB, San</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Francisco Bay Area, Series F-1, 5.63%, 4/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,090</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,269,172</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Educational Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University of Southern California, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 10/01/39 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">840</TD>

   <TD COLSPAN="2" STYLE="text-align: right">983,682</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Diego Community College District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, Election of 2002, 5.25%, 8/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">553</TD>

   <TD COLSPAN="2" STYLE="text-align: right">668,726</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Francisco City &amp; County Public Utilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Commission, RB, Series B, 5.00%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,225</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,679,080</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of California, RB, Series B (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.75%, 5/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">14,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">15,081,450</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">21,682,110</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 3.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Catholic Health, 5.50%, 7/01/34 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">740</TD>

   <TD COLSPAN="2" STYLE="text-align: right">845,994</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sisters of Leavenworth, 5.00%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,930</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,277,215</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,123,209</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Miami-Dade Florida, RB, Water &amp; Sewer</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">System, 5.00%, 10/01/34</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,950</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,200,674</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 6.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, RB, O&rsquo;Hare International,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Third Lien, Series A (NPFGC), 5.00%, 1/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,995</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,335,010</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois Waterworks, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,299</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,748,845</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, RB, Carle Foundation,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGM), 6.00%, 8/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,340</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,732,863</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,816,718</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Indiana &#151; 7.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Carmel Redevelopment Authority, RB, Performing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Arts Center:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.75%, 2/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,365</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,858,312</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 2/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,580</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,254,187</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,112,499</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 4.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts HFA, Refunding HRB, Series D, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.45%, 6/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,090</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,197,035</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts School Building Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior, Series B, 5.00%, 10/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,560</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,812,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,009,755</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Detroit Water and Sewerage Department,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Senior Lien, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 7/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">585,981</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">475</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">514,440</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,100,421</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nebraska &#151; 3.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Omaha Public Power District, RB, System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Sub-Series B (NPFGC), 4.75%, 2/01/36</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,444,400</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Hampshire &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Hampshire Health &amp; Education Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Authority, RB, Dartmouth College, 5.25%, 6/01/39 (h)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">660</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">789,023</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 23.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hudson New York Yards Infrastructure Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior RB, Series A, 5.75%, 2/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,510</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,782,669</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Municipal Water Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series D, 5.00%, 6/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">8,180,475</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Water &amp; Sewer System, Second General</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Resolution Series HH, 5.00%, 6/15/31 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,835</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,349,812</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_22"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>

   <TD width="17%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD COLSPAN="2" NOWRAP STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right><B><FONT color=#394C87 STYLE="font-size: 8pt">(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 3pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR><B>Tender Option Bond Trusts (g)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 3pt"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Municipal Water Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB (concluded):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">Water &amp; Sewer, Series FF-2, 5.50%, 6/15/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 495</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%; padding-right: 3pt"> 593,041</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., RB, World</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Trade Center Port Authority Construction,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 12/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,135</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">7,054,725</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">World Trade Center Project, 5.75%, 11/15/51</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,220</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">2,617,358</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority, ERB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Series B, 5.75%, 3/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">11,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">13,952,025</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Series F, 5.00%, 3/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">3,261,641</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">40,791,746</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Carolina &#151; 9.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of North Carolina at Chapel Hill,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, General, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">4.75%, 12/01/34</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">15,326</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">16,539,514</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Ohio &#151; 4.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Allen Ohio, Refunding RB, Catholic</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Healthcare, Series A, 5.25%, 6/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,650</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">2,937,843</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Ohio, Refunding RB, Cleveland Clinic</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Health, Series A, 5.50%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,634</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">5,237,331</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">8,175,174</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Carolina &#151; 1.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina State Housing Finance &amp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Development Authority, Refunding RB, Series B-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.55%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,579</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">2,777,584</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 8.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Harris Texas, RB, Senior Lien, Toll Road,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.00%, 8/15/38 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,130</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">2,396,761</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County Texas Metropolitan Transit Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series A, 5.00%, 11/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,170</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">1,344,412</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Caney ISD, GO, School Building (PSF-GTD),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 2/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">9,150</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">10,185,048</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">13,926,221</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Utah &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Riverton Utah Hospital, RB, IHC Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Services Inc., 5.00%, 8/15/41</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">960</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">1,052,112</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia Small Business Financing Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Sentara Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">1,107,586</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wisconsin &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Froedtert &amp; Community Health,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Inc., 5.25%, 4/01/39 (h)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,990</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">2,212,210</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Municipal Bonds Transferred to Tender</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Option Bond Trusts &#151; 90.5%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">155,793,699</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><B>(Cost &#151; $241,804,022) &#151; 151.9%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right; padding-right: 3pt">261,511,203</TD></TR>


<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 20pt"><B>Shares</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">FFI Institutional Tax-Exempt Fund, 0.04% (i)(j)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,910,083</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">3,910,083</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>(Cost &#151; $3,910,083) &#151; 2.3%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">3,910,083</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Investments (Cost &#151; $245,714,105) &#151; 154.2%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">265,421,286</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Other Assets Less Liabilities &#151; 0.9%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">1,475,679</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left"><B>Interest Expense and Fees Payable &#151; (55.1)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(94,808,122)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Net Assets &#151; 100.0%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">$</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">172,088,843</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="42%" align=center></TD>

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

   <TD width="19%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Counterparty</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Value</B></TD>

   <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><B>Unrealized</B><BR><B>Appreciation</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>Wells Fargo &amp; Co.</TD>

   <TD align=center>$726,333</TD>

   <TD align=center>$3,924</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Pershing LLC</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$410,839</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$2,603</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(g)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Trust&rsquo;s
acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes
to Financial Statements for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>All or a portion of security is subject to a recourse agreement, which may require
the Trust to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received
from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount
the Trust could ultimately be required to pay under the agreements is $21,283,688.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in issuers considered to be an affiliate of the Trust during the period
ended October 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

   <TD width="23%" align=center></TD>

   <TD width="15%" align=center></TD>

   <TD width="23%" align=center></TD>

   <TD width="11%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Affiliate</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>April 30,</B><BR><B>2012</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>October 31,</B><BR><B>2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Income</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>FFI Institutional</TD>

   <TD 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; TEXT-INDENT: 5.986pt" align=left>Tax-Exempt Fund</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>3,415,500</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>494,583</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>3,910,083</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$165</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(j)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#8212; Various inputs are used in determining the fair value
of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial statement purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities that the Trust has the ability to access</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust&rsquo;s own assumptions used in determining
the fair value of investments)</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest
priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the
fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value
measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement
in its entirety.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_23"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

   <TD width="17%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (concluded)</FONT></TD>

   <TD COLSPAN="5" NOWRAP STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135); vertical-align: bottom"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Long-Term</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Advantage</FONT></B> <B><FONT STYLE="color: #394C87">Trust (BTA)</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust&rsquo;s policy, transfers between different levels of the fair value
disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the
risks associated with investing in those securities. For information about the Trust&rsquo;s policy regarding valuation of investment and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</P>

<P style="TEXT-ALIGN: left">The following table summarizes the Trust&rsquo;s investments categorized in the disclosure hierarchy as of October 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%; text-align: left"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">Long-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 20pt">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$261,511,203</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$261,511,203</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">Short-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 20pt">Securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$3,910,083</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3,910,083</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$3,910,083</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$261,511,203</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$265,421,286</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">Certain of the Trust&rsquo;s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2012, such liabilities are categorized within the disclosure hierarchy as
follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liabilities:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Bank overdraft</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp; (111,573)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp; (111,573)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">TOB trust</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">certificates</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(94,762,802)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(94,762,802)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ (94,874,375)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ (94,874,375)</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">There were no transfers between levels during the period ended October 31, 2012.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_24"></A><BR>



<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD></TD>

   <TD></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments </FONT><FONT color=#394C87 STYLE="font-size: 10pt">October 31, 2012 (Unaudited)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right; font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alabama &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Alabama State 21st Century Authority Tobacco</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Settlement, RB, Series A, 5.00%, 6/01/20</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 1,000</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">1,208,670</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Courtland IDB Alabama, Refunding RB, International</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Paper Co. Projects, Series A, 4.75%, 5/01/17</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,165</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,221,293</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,429,963</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alaska &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Valdez Alaska, Refunding RB, BP</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Pipelines Project:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B, 5.00%, 1/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,876,992</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series C, 5.00%, 1/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,028,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,905,892</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 3.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Phoenix Civic Improvement Corp., RB, Junior Lien,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,300</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,590,394</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 7/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,585</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,850,394</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt Verde Financial Corp., RB, Senior:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/18</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,698,045</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 12/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,157,230</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,296,063</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 20.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sutter Health, Series B, 5.00%, 8/15/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">815</TD>

   <TD COLSPAN="2" STYLE="text-align: right">963,200</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California State Department of Water Resources,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series L, 5.00%, 5/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">12,544,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Statewide Communities Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, John Muir Health, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/15/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,626,850</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Foothill Eastern Transportation Corridor Agency</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">California, Refunding RB, CAB (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.97%, 1/15/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">12,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,712,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 1/15/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,804,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Golden State Tobacco Securitization Corp.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">California, RB (b):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">ARS, Asset-Backed, Series A-3,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">7.88%, 6/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">975</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,018,212</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 2003-A-1, 6.63%, 6/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,555,875</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 2003-A-1, 6.75%, 6/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">11,010</TD>

   <TD COLSPAN="2" STYLE="text-align: right">11,426,178</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Los Angeles Regional Airports Improvement Corp.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Lease, Refunding RB, Laxfuel Corp. (Los</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Angeles International Airport):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 1/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">627,404</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 1/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">640,866</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Los Angeles Unified School District California, GO,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series I, 5.00%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,610,400</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Riverside County Asset Leasing Corp. California, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Riverside County Hospital Project (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.38%, 6/01/25 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,865</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,518,724</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Manuel Entertainment Authority, Series 04-C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.50%, 12/01/16 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,165,440</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO, Various Purpose,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,050</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,360,834</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO, Refunding, Various Purpose,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 10/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,263,770</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">68,838,053</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 1.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, RB, Evangelical</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Lutheran Good Samaritan Society Project:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 12/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">555</TD>

   <TD COLSPAN="2" STYLE="text-align: right">607,375</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 12/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">633,018</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">E-470 Public Highway Authority Colorado, RB, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Series B (NPFGC), 4.42%, 9/01/22 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,927,565</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,167,958</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>District of Columbia &#151; 1.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Washington Airports Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series C-2, AMT (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">5.00%, 10/01/24</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 1%">$</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 14%; padding-right: 20pt"> 5,000</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%"> 5,332,050</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida &#151; 7.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Broward County Florida Airport System Revenue,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series P-1, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.00%, 10/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,945,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Broward County School Board Florida, COP,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGM), 5.25%, 7/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,465,825</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Jacksonville Florida, RB, Better Jacksonville,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 10/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,946,539</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Florida State Board of Education, GO, Refunding,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 5.00%, 6/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,273,350</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Habitat Community Development District, Special</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Assessment Bonds, 5.80%, 5/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,820</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,844,024</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Miami Beach Health Facilities Authority, RB, Mount</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sinai Medical Center of Florida,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.75%, 11/15/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,005</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,199,766</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pine Island Community Development District, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.30%, 11/01/10 (d)(e)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">100,077</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Stevens Plantation Community Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">District, Special Assessment Bonds, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.38%, 5/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,530</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,962,093</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Village Community Development District No. 5</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Florida, Special Assessment Bonds, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 5/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,920</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,980,269</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">24,717,663</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Georgia &#151; 2.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Gainesville &amp; Hall County Development Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, ACTS Retirement&#8212;Life</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Communities, Inc. Obligated Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/15/22</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">6,915</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,744,109</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Guam &#151; 0.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Guam Power Authority, Refunding RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 10/01/20</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,190</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,389,182</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Hawaii &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hawaii State Department of Budget &amp; Finance,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Special Purpose Senior Living&#8212;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Kahala Nui:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,275</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,431,098</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,440</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,604,347</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,035,445</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 13.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, RB, General Airport, Third</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Lien, Series A (AMBAC):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 1/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,540,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 1/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,810,110</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, RB, Northwestern</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University, 5.00%, 12/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,800</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,030,064</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois State Toll Highway Authority, RB, Senior</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Priority, Series A (AGM), 5.00%, 1/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,504,835</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lake Cook-Dane &amp; McHenry Counties Community</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Unit School District 220 Illinois, GO, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(AGM), 5.25%, 12/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,270,700</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Pier &amp; Exposition Authority Illinois,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, CAB, McCormick, Series A</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(NPFGC), 3.69%, 6/15/22 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">13,455</TD>

   <TD COLSPAN="2" STYLE="text-align: right">9,463,574</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Railsplitter Tobacco Settlement Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 6/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">11,778,500</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Illinois, RB, Build Illinois, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 6/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,437,740</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">45,836,273</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_25"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 25.439pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Indiana &#151; 4.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Vincennes Indiana, Refunding RB, Southwest</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Indiana Regional Youth Village, 6.25%, 1/01/24</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 4,000</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 2,456,680</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Municipal Power Agency, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">737,526</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indianapolis Airport Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Special Facilities, FedEx Corp. Project, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.10%, 1/15/17</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,295,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">14,489,306</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kansas &#151; 2.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kansas Development Finance Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Adventist Health, 5.25%, 11/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,024,375</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wyandotte County-Kansas City Unified Government,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Kansas International Speedway (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.53%, 12/01/20 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,440</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,484,816</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,509,191</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kentucky &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Housing Corp., RB, Series C, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.63%, 7/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,103,440</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisville &amp; Jefferson County, RB, Metro</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Government Catholic Health Initiatives, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.50%, 12/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,115</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,317,977</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,430</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,727,640</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,149,057</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Louisiana &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Parish of DeSoto Louisiana, RB, Series A, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.85%, 11/01/27</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,081,340</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland &#151; 4.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, RB, Transportation Facilities Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.13%, 6/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,439,925</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Charlestown Community, 5.50%, 1/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,335</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,535,437</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">University of Maryland Medical System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 7/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">670</TD>

   <TD COLSPAN="2" STYLE="text-align: right">784,141</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland State and Local Facilities Loan, GO,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 5.00%, 3/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,640,700</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">16,400,203</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 1.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Development Finance Agency, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Waste Management, Inc. Project, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.45%, 6/01/14</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,814,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts State Water Pollution Abatement,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, MWRA Program, Sub-Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 8/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">140</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">140,645</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,954,745</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 2.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kalamazoo Hospital Finance Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Bronson Methodist Hospital,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 5/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,720</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,963,380</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lansing Board of Water &amp; Light Utilities, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 3.50%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,116,670</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Michigan State Building Authority, RB, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Program, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 10/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,205</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,377,580</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 10/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">325</TD>

   <TD COLSPAN="2" STYLE="text-align: right">395,567</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Michigan, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,222,310</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,413,760</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,489,267</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Minnesota &#151; 6.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Minnesota Higher Education Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University of St. Thomas, Series 5-Y,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 10/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,309,300</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Minnesota (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Minnesota State Trunk Highway, GO, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">5.00%, 10/01/20</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 15,000</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 19,042,650</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Securitization Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Tobacco Settlement, Series B, 5.00%, 3/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,319,540</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">22,671,490</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Missouri &#151; 3.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Missouri Development Finance Board, RB, Branson</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Landing Project, Series A, 5.50%, 12/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,286,700</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Missouri State Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, BJC Health System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.00%, 5/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,079,480</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,366,180</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Multi-State &#151; 5.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Centerline Equity Issuer Trust (c)(f):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.75%, 5/15/15</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,093,170</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 5/15/15</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,394,440</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 5/15/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,968,575</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.30%, 5/15/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,008,025</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">MuniMae TE Bond Subsidiary LLC (c)(f)(g):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.40%</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,349,950</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.80%</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,549,950</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series D, 5.90%</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,199,980</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">19,564,090</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nebraska &#151; 1.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Plains Energy Project No. 3, RB, Gas Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 9/01/20</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,947,370</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nevada &#151; 3.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Henderson Nevada, Special Assessment</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Bonds, District No. T-18, 5.15%, 9/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,755</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,087,486</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Clark Nevada, Refunding RB, Alexander</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Dawson School Nevada Project, 5.00%, 5/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,571,950</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Clark Nevada, Special Assessment</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Bonds, Special Improvement District No. 142,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,560</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,695,033</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Clark Nevada Airport System Revenue,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Las Vegas McCarran International</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Airport, Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 7/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,199,140</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,206,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,760,329</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Hampshire &#151; 2.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Hampshire Business Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Public Service Co. of New</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Hampshire Project, Series B, AMT (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.75%, 5/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,350</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,548,490</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Hampshire Health &amp; Education Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Elliot Hospital, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.60%, 10/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,935</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,236,303</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,784,793</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Jersey &#151; 5.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Middlesex County Improvement Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">George Street Student Housing Project, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/15/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,027,360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, RB, Continental Airlines, Inc.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, AMT, 9.00%, 6/01/33 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,559,325</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Cigarette Tax, 5.00%, 6/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,906,050</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">First Mortgage, Winchester, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">4.80%, 11/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">265</TD>

   <TD COLSPAN="2" STYLE="text-align: right">269,166</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">School Facilities, Series GG, 5.00%, 9/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,416,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, University of Medicine &amp; Dentistry,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 6.25%, 12/01/18</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,040,375</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_26"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 25.439pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Jersey (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Health Care Facilities Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">AtlantiCare Regional Medical Center,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left; width: 70%">5.00%, 7/01/20</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 2,110</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 2,344,864</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Capital Health System Obligation Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Series A, 5.75%, 7/01/13 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,141,760</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,705,200</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 7.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Industrial Development Agency, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">American Airlines Inc., JFK International Airport,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT (d)(e)(h):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.63%, 8/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,885</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,097,820</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.75%, 8/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,273,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Energy Research &amp; Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Brooklyn Union</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Gas/Keyspan, Series A, AMT (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.70%, 2/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">8,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">8,971,580</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Thruway Authority, RB, General</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Revenue, Series I, 5.00%, 1/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">875</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,065,733</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Port Authority of New York &amp; New Jersey, RB, JFK</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">International Air Terminal, 5.00%, 12/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,525</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,760,201</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Settlement Financing Corp. New York, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Asset-Backed, Series B-1C, 5.50%, 6/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,145,700</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">26,314,784</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Carolina &#151; 2.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Eastern Municipal Power Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series B, 5.00%, 1/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,550</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,825,358</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Municipal Power Agency No. 1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series B, 5.00%, 1/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,082,400</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,907,758</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Ohio &#151; 4.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cuyahoga County, RB, Cleveland Clinic Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">System, Series A (b):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 7/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,530</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,588,354</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 7/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,470</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,526,066</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 7/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,294,514</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 7/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,900</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,086,886</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,495,820</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Oklahoma &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Canadian County Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Mustang Public Schools Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.50%, 9/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,734,855</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tulsa County Industrial Authority Education</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities, RB, Broken Arrow Public School,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.00%, 9/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,100</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,221,396</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,956,251</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Pennsylvania &#151; 4.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lancaster County Hospital Authority, RB, General</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Hospital Project, 5.75%, 9/15/13 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,840,275</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pennsylvania Economic Development Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Refunding Amtrak Project Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT, 4.00%, 11/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,175</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,379,341</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pennsylvania Higher Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Drexel University, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 5/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,575</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,883,606</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pennsylvania IDA, Refunding RB, 5.00%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,825,500</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pennsylvania Turnpike Commission, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series A (AGC), 5.00%, 6/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,166,620</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State Public School Building Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Community College Allegheny County Project</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(AGM), 5.00%, 7/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">995</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,192,597</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">16,287,939</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 16.72pt; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Puerto Rico &#151; 3.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Electric Power Authority, RB, Series NN,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">5.13%, 7/01/13 (b)</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 9,000</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 9,292,680</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Sales Tax Revenue, Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,100</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,317,525</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,610,205</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Carolina &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina State Ports Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,446,760</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 10.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Texas Regional Mobility Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Senior Lien:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.75%, 1/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">800</TD>

   <TD COLSPAN="2" STYLE="text-align: right">933,760</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.75%, 1/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,342,373</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Dallas Texas, Refunding RB (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/15/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,920,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Frisco Texas, GO, Refunding,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">3.00%, 2/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,477,520</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Houston Texas, Refunding RB, Sub Lien,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 5.00%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">301,680</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Love Field Airport Modernization Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Southwest Airlines Co., Love Field Modernization</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Porgram Project, 5.00%, 11/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,715</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,105,001</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lower Colorado River Authority, 5.00%, 5/15/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,126,450</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Texas Tollway Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series C:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 1/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,188,280</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.38%, 1/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,904,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas State Turnpike Authority, RB, CAB, First Tier,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AMBAC) (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.58%, 8/15/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,990</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,850,198</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.23%, 8/15/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">8,450</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,161,851</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">36,312,163</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>US Virgin Islands &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virgin Islands Public Finance Authority, RB, Senior</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Lien, Matching Fund Loan Note, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.25%, 10/01/17</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,069,590</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 5.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Charles City County EDA, RB, Waste Management</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Inc. Project, Mandatory Put Bonds, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.13%, 8/01/27 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,659,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Norfolk Virginia Water Revenue, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,524,940</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Roanoke EDA, RB, Carilion Clinic Obligation Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 7/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,799,475</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Russell County IDA, Refunding RB, Appalachian</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Power, Series K, 4.63%, 11/01/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,203,440</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,186,955</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Washington &#151; 1.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Health Care Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Providence Health &amp; Services,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 10/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">300,148</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 10/01/42 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,757,800</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,057,948</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wisconsin &#151; 2.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Wisconsin, Refunding RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 5/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,216,920</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Froedtert &amp; Community Health, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 4/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,515</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,785,655</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wheaton Franciscan Services, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 8/15/17</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,880</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,969,683</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_27"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (concluded)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 25.44pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 3pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 3pt"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wisconsin (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wheaton Franciscan Services, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">5.50%, 8/15/18</TD>

   <TD STYLE="text-align: right; width: 1%; padding-right: 20pt">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 3,190</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%; padding-right: 3pt"> 3,280,405</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">9,252,663</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><B>Total Municipal Bonds &#151; 143.7%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right; padding-right: 3pt">485,464,048</TD></TR>

<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Tender Option Bond Trusts (i)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, Refunding RB, Second Lien</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; border-bottom: Black 1px solid">(AGM), 5.00%, 11/01/20</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">5,998,350</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Municipal Bonds Transferred to Tender</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Option Bond Trusts &#151; 1.8%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">5,998,350</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><B>(Cost &#151; $462,542,372) &#151; 145.5%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right; padding-right: 3pt">491,462,398</TD></TR>


<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 20pt"><B>Shares</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">FFI Institutional Tax-Exempt Fund, 0.04% (j)(k)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">18,568,855</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">18,568,855</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>(Cost &#151; $18,568,855) &#151; 5.5%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">18,568,855</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Investments (Cost &#151; $481,111,227) &#151; 151.0%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">510,031,253</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Other Assets Less Liabilities &#151; 1.6%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">5,368,924</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left"><B>Interest Expense and Fees Payable &#151; (1.1)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">(3,753,789)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>AMPS, at Redemption Value &#151; (51.5)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(173,856,106)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt"> 337,790,282</TD></TR>                                                                                                           <TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 0pt; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt; border-bottom: Black 1px solid">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-right: 3pt">&nbsp;</TD></TR>
</TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>Security represents a beneficial interest in a trust. The collateral deposited into
the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated maturity.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(g)</TD><TD STYLE="width: 5pt"></TD><TD>Security is perpetual in nature and has no stated maturity date. </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right; vertical-align: top">(h)</TD><TD STYLE="width: 5pt; text-align: left"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Trust&rsquo;s
acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes
to Financial Statements for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(j)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in issuers considered to be an affiliate of the Trust during the period
ended October 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="25%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="19%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="10%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Affiliate</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>April 30,</B><BR><B>2012</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>October 31,</B><BR><B>2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-indent: 0.03pt; text-align: center; border-top: Black 1px solid"><B>Income</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>FFI Institutional</TD>

   <TD 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; TEXT-INDENT: 5.986pt" align=left>Tax-Exempt Fund</TD>

   <TD ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center">3,696,013</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>14,872,842</TD>

   <TD ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center">18,568,855</TD>

   <TD ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center">$449</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(k)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#8212; Various inputs are used in determining the fair value
of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial statement purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities that the Trust has the ability to access</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust&rsquo;s own assumptions used in determining
the fair value of investments)</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest
for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement
falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result in
transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust&rsquo;s policy, transfers
between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting
period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is
not necessarily an indication of the risks associated with investing in those securities. For information about the Trust&rsquo;s
policy regarding valuation of investment and other significant accounting policies, please refer to Note 1 of the Notes to Financial
Statements.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following table summarizes the Trust&rsquo;s
investments categorized in the disclosure hierarchy as of October 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%; text-align: left"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 10pt; text-align: left">Long-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 20pt; text-align: left">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$ 491,462,398</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$ 491,462,398</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 10pt; text-align: left">Short-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 20pt; text-align: left">Securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$18,568,855</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">18,568,855</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$18,568,855</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ 491,462,398</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ 510,031,253</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Certain of the Trust&rsquo;s
liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2012,
such liabilities are categorized within the disclosure hierarchy as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Liabilities:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Bank overdraft</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186,106)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186,106)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">AMPS</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(173,850,000)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(173,850,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">TOB trust</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 10pt; text-align: left">certificates</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(3,750,000)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(3,750,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$(177,786,106)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$(177,786,106)</TD></TR></TABLE></DIV>

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

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">There were no transfers between levels during
the period ended October 31, 2012.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_28"></A><BR>



<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD></TD>

   <TD></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments </FONT><FONT color=#394C87 STYLE="font-size: 10pt">October 31, 2012 (Unaudited)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 11.28pt; text-align: right; font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alabama &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Alabama State Docks Department, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">6.00%, 10/01/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 4,080</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 4,792,164</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Jefferson Alabama, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 1/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,910</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,908,254</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,700,418</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 3.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt Verde Financial Corp., RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,030</TD>

   <TD COLSPAN="2" STYLE="text-align: right">11,587,459</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">9,460</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,949,382</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">22,536,841</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 17.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Bay Area Toll Authority, Refunding RB, San</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Francisco Bay Area Toll Bridge, Series F-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.63%, 4/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,445</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,174,869</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California County Tobacco Securitization Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, CAB, Stanislaus, Sub-Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">11.02%, 6/01/55 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">17,855</TD>

   <TD COLSPAN="2" STYLE="text-align: right">185,156</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Stanford Hospital and Clinics, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 8/15/51</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,305</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,575,169</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sutter Health, Series B, 6.00%, 8/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,230</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,485,719</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California State Public Works Board, RB, Various</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Capital Projects, Sub-Series 1, 6.38%, 11/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,315</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,801,752</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Statewide Communities Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, 5.00%, 4/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,680</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,075,894</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles Department of Airports,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series A, 5.25%, 5/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,560</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,760,070</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Foothill Eastern Transportation Corridor Agency</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">California, Refunding RB, CAB (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.07%, 1/15/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">54,635</TD>

   <TD COLSPAN="2" STYLE="text-align: right">17,328,037</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.09%, 1/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">75,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">16,532,250</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Foothill-De Anza Community College District, GO,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series C, 5.00%, 8/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">8,087,590</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Los Angeles Regional Airports Improvement Corp.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">California, Refunding RB, Facilities LAXFUEL Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">LA International, AMT (AMBAC), 5.50%, 1/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">13,320</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,342,511</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Murrieta Community Facilities District Special Tax</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">California, Special Tax Bonds, District No. 2, The</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Oaks Improvement Area A, 6.00%, 9/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,076,500</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Marcos Unified School District, GO, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Election of 2010, Series B (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.97%, 8/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,203,230</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.14%, 8/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,198,360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 3/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,162,601</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.50%, 4/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">20,410</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">25,662,718</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">118,652,426</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 2.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Colorado Springs Colorado, RB, Subordinate</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Lien, Improvement, Series C (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,115</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,310,976</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Catholic Health Initiative, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.50%, 7/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,205</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,808,417</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Evangelical Lutheran Good Samaritan Society</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Project, 5.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,685,428</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Park Creek Metropolitan District Colorado,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Senior, Limited Tax, Property Tax,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,530</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,676,462</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,481,283</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Connecticut &#151; 0.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Connecticut State Health &amp; Educational Facility</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Ascension Health Senior Credit,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,710</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,990,078</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Delaware &#151; 1.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Sussex Delaware, RB, NRG Energy, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Indian River Project, 6.00%, 10/01/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 2,225</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 2,507,486</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Delaware State EDA, RB, Exempt Facilities, Indian</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">River Power, 5.38%, 10/01/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,950</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,551,179</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,058,665</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>District of Columbia &#151; 4.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">District of Columbia Tobacco Settlement Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., Refunding RB, Asset-Backed,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.75%, 5/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">23,035</TD>

   <TD COLSPAN="2" STYLE="text-align: right">23,493,166</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Washington Airports Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, First Senior Lien, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 10/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">990</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,090,723</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 10/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,465</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,739,083</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">27,322,972</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida &#151; 3.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Miami-Dade Florida, Refunding RB, Miami</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">International Airport, Series A-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.38%, 10/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,280</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,602,916</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Highlands County Florida Health Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Series 2006-G, 5.13%, 11/15/32 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,117,110</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Miami Beach Health Facilities Authority, RB, Mount</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sinai Medical Center of Florida,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.75%, 11/15/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,075</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,665,125</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Mid-Bay Bridge Authority, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.25%, 10/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,636,459</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Orange County Health Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 6/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">625,920</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Mayflower Retirement Center, 5.00%, 6/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">125</TD>

   <TD COLSPAN="2" STYLE="text-align: right">129,495</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Mayflower Retirement Center, 5.13%, 6/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,925</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,013,993</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Stevens Plantation Community Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">District, Special Assessment Bonds, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.10%, 5/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,590</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,693,290</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Village Community Development District No. 6,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Special Assessment Bonds, 5.63%, 5/01/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,405</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,450,186</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">26,934,494</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Georgia &#151; 1.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">DeKalb Private Hospital Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Children&rsquo;s Healthcare, 5.25%, 11/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,650</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,828,744</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Atlanta Rapid Transit Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Third Series, 5.00%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,632,150</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Richmond County Development Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, International Paper Co. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, AMT, 6.00%, 2/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,041,120</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">11,502,014</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Hawaii &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">State of Hawaii, RB, Series A, 5.25%, 7/01/30</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,660</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,122,787</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 10.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Board of Education Illinois, GO, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 12/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,110</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,811,043</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Transit Authority, RB, Sales Tax Receipts</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Revenue, 5.25%, 12/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,055</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,355,092</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, GARB, O&rsquo;Hare International</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Airport, Third Lien, Series C, 6.50%, 1/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">11,385</TD>

   <TD COLSPAN="2" STYLE="text-align: right">14,130,493</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, GO, Project, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 1/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,435</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,000,817</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 1/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,430</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,980,294</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, Refunding RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 1/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,605</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,857,627</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Advocate Health Care, Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.38%, 4/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,630</TD>

   <TD COLSPAN="2" STYLE="text-align: right">11,727,760</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Navistar International Recovery Zone,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">6.50%, 10/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,847,765</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_29"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="56%"></TD>

   <TD width="43%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 12.011pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">5.00%, 11/15/37</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 1,895</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">2,118,269</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,833,847</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Central Dupage Health, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.50%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,561,920</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Friendship Village Schaumburg, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.63%, 2/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">470</TD>

   <TD COLSPAN="2" STYLE="text-align: right">472,961</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Pier &amp; Exposition Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, McCormick Place Expansion</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project (AGM):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B, 5.00%, 6/15/50</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,905</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,250,163</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B-2, 5.00%, 6/15/50</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,155</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,700,948</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Railsplitter Tobacco Settlement Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.50%, 6/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,625</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,065,685</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 6/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,245</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,665,264</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Illinois, RB, Build Illinois, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 6/15/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,240</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,423,235</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">74,803,183</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Indiana &#151; 1.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Vincennes Indiana, Refunding RB, Southwest</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Indiana Regional Youth Village, 6.25%, 1/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,925</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,182,277</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">First Lien, CWA Authority, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.25%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,080</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,530,327</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sisters of St. Francis Health, 5.25%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,655</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,823,727</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority Hospital, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 5/01/42 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,695</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,035,790</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Municipal Power Agency, RB, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,150</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,601,393</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,173,514</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Iowa &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Iowa Student Loan Liquidity Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Senior Series A-1, AMT, 5.15%, 12/01/22</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,830</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,361,068</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kansas &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kansas Development Finance Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Sisters of Leavenworth, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,275</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,575,186</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kentucky &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Owensboro Medical Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">6.38%, 6/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,490</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,773,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Louisiana &#151; 2.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Local Government Environmental</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities &amp; Community Development Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Westlake Chemical Corp., Series A-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.50%, 11/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,535</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,624,646</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Parish of Saint John the Baptist Louisiana, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Marathon Oil Corp., Series A, 5.13%, 6/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,340</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,668,494</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Louisiana Gasoline &amp; Fuels Tax, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Lien, Series B, 5.00%, 5/01/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,355</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,143,910</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">19,437,050</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maine &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maine State Turnpike Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,715</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,982,214</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, RB, Transportation Facilities Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.75%, 6/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">855</TD>

   <TD COLSPAN="2" STYLE="text-align: right">965,124</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, Refunding RB, CNX Marine</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Terminals, Inc., 5.75%, 9/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,760</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,917,098</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Charlestown Community,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.25%, 1/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,295</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,936,544</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 19.81pt; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Montgomery County Housing Opportunities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Commission, RB, Series D, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">5.50%, 1/01/38</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 815</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%"> 853,973</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">8,672,739</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Partners Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Series J1, 5.00%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,535</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,865,275</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 2.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Detroit Michigan Water Supply System, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Lien, Series A, 5.25%, 7/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,015</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,406,516</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kalamazoo Hospital Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Bronson Methodist Hospital,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 5/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,700</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,026,565</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lansing Board of Water &amp; Light, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 7/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,870</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,409,043</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Michigan State Hospital Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Henry Ford Health System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.25%, 11/15/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,230</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,481,601</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,323,725</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Minnesota &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Securitization Authority Minnesota,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 3/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">8,780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,005,337</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 3/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,700</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,121,134</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">14,126,471</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Mississippi &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Gulfport Mississippi, RB, Memorial Hospital</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">at Gulfport Project, Series A, 5.75%, 7/01/31</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">14,025</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">14,048,422</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Missouri &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Missouri State Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Senior Living Facilities, Lutheran</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Senior Home, 5.50%, 2/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,035</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,182,965</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Multi-State &#151; 2.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Centerline Equity Issuer Trust,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">6.80%, 10/31/52 (d)(e)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">16,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,497,600</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nebraska &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Plains Energy Project Nebraska, RB, Gas</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project No. 3:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 9/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,610</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,765,638</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 9/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,815</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,006,786</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Douglas County Hospital Authority No. 2, RB, Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities, Immanuel Obligation Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.63%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,280</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,696,101</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lancaster County Hospital Authority No. 1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Immanuel Obligation Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.63%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">676,116</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,144,641</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nevada &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Clark Nevada, Refunding RB, Alexander</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Dawson School Nevada Project, 5.00%, 5/15/29</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">4,550</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,999,176</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Jersey &#151; 7.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Middlesex County Improvement Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Heldrich Center Hotel, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.25%, 1/01/37 (f)(g)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,680</TD>

   <TD COLSPAN="2" STYLE="text-align: right">274,712</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, RB Continental Airlines, Inc.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.25%, 9/15/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,830</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,920,809</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.00%, 11/15/30 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">15,410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">15,467,325</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Kapkowski Road Landfill Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">6.50%, 4/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">8,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">9,605,680</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, Refunding RB, 5.00%, 6/15/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,905</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,167,300</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_30"></A><BR>



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<TR>

   <TD width="56%"></TD>

   <TD width="43%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 12.011pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 19.82pt; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Jersey (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Transportation Trust Fund Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Transportation System:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">Series A, 5.50%, 6/15/41</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 8,000</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 9,356,880</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B, 5.25%, 6/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,810</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,559,446</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Settlement Financing Corp. New Jersey,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series 1A, 4.50%, 6/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,080</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,003,924</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">49,356,076</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 6.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Albany Industrial Development Agency, RB, New</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Covenant Charter School Project, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.00%, 5/01/35 (f)(g)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,820</TD>

   <TD COLSPAN="2" STYLE="text-align: right">272,964</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Transportation Authority, RB, Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,055</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,193,701</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Transportation Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Transportation, Series D, 5.25%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,696,053</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Industrial Development Agency, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">American Airlines, Inc., JFK International Airport,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT (b)(f)(g):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">8.00%, 8/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,273,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.75%, 8/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">22,140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">23,352,165</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Priority, Bank of America Tower at One</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Bryant Park Project, 6.38%, 7/15/49</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,787,840</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Thruway Authority, RB, Series I,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,465</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,933,399</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Port Authority of New York &amp; New Jersey, RB, JFK</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">International Air Terminal:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 12/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,525</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,966,016</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,960</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,287,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">44,763,338</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Carolina &#151; 3.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Gaston County Industrial Facilities &amp; Pollution</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Control Financing Authority North Carolina, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Exempt Facilities, National Gypsum Co. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT, 5.75%, 8/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">12,130</TD>

   <TD COLSPAN="2" STYLE="text-align: right">11,095,796</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Capital Facilities Finance Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Duke University Project, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">10,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">11,693,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Medical Care Commission, RB, Duke</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 6/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,750</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,019,418</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">25,808,514</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Ohio &#151; 3.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Allen Ohio, RB, Catholic Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.25%, 6/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,125</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,790,298</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Hamilton Ohio, RB, Christ Hospital</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, 5.00%, 6/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,844,848</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Montgomery Ohio, Refunding RB, Catholic</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Healthcare, Series A, 5.00%, 5/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,878,861</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pinnacle Community Infrastructure Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Facilities, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.25%, 12/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,760</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,791,095</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">20,305,102</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Oregon &#151; 0.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Tigard Washington County Oregon, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">RB, Water System, 5.00%, 8/01/37</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">495</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">575,858</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Pennsylvania &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Allegheny County Hospital Development Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Health System, West Penn,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.38%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,255</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,595,503</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pennsylvania Economic Development Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Aqua Pennsylvania, Inc. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,725</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,166,934</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,762,437</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Puerto Rico &#151; 3.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., RB, First</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Sub-Series A, 6.50%, 8/01/44</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">10,900</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 12,785,700</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., RB, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.65%, 8/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">11,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,586,440</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.88%, 8/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">40,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,103,600</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">26,475,740</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Carolina &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina Jobs-EDA, Refunding RB, Palmetto</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Health Alliance, Series A, 6.25%, 8/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,075</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,288,353</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina State Ports Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 7/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,455</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,287,179</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,575,532</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Dakota &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Dakota Health and Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Authority, RB, 5.00%, 11/01/42 (c)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,095</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,295,219</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Tennessee &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Knox County Health Educational &amp; Housing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Board Tennessee, Refunding RB, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGM), 5.64%, 1/01/20 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,055</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,394,483</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Rutherford County Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Board, RB, 5.00%, 11/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">415</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">469,054</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,863,537</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 16.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Brazos River Authority, RB, TXU Electric, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">AMT, 8.25%, 10/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,370</TD>

   <TD COLSPAN="2" STYLE="text-align: right">696,753</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Texas Regional Mobility Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Senior Lien, 6.25%, 1/01/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,918,459</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Austin Texas, Refunding RB, Water &amp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Wastewater System Revenue, 5.00%, 11/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,235</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,444,221</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Dallas Texas, Refunding RB, Waterworks &amp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sewer System Revenue, 5.00%, 10/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,426,459</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Houston Texas, Refunding RB, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Combined First Lien, (AGC), 6.00%, 11/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">16,425</TD>

   <TD COLSPAN="2" STYLE="text-align: right">20,229,194</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Senior Lien, 5.50%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,481,260</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Clifton Higher Education Finance Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/15/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,155</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,244,813</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dallas Fort Worth International Airport, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, AMT, 5.00%, 11/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,535</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,866,088</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Fort Bend County Industrial Development Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.75%, 11/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,890</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,924,449</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County-Houston Sports Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB (NPFGC) (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">CAB, Junior Lien, Series H, 5.85%, 11/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,323,450</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">CAB, Senior Lien, Series A, 5.67%, 11/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">12,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,937,556</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Third Lien, Series A-3, 5.88%, 11/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">26,120</TD>

   <TD COLSPAN="2" STYLE="text-align: right">6,115,214</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lower Colorado River Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">(NPFGC), 5.00%, 5/15/13 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">55</TD>

   <TD COLSPAN="2" STYLE="text-align: right">56,413</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">LCRA Transmission Services Project (AMBAC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 18pt; text-align: left">4.75%, 5/15/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">140,372</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A (NPFGC), 5.00%, 5/15/13 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,129</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Midland County Fresh Water Supply District No 1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, City of Midland Project, Series A, CAB (a):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.88%, 9/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">9,780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,552,287</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.95%, 9/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,420</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,322,805</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Texas Tollway Authority, Refunding RB, Toll,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Tier, Series F, 6.13%, 1/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">12,180</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,507,864</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Antonio Energy Acquisition Public Facility Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Gas Supply, 5.50%, 8/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,765,531</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tarrant County Cultural Education Facilities Finance</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., RB, Scott &amp; White Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 8/15/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,930</TD>

   <TD COLSPAN="2" STYLE="text-align: right">9,419,571</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_31"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="56%"></TD>

   <TD width="43%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 12.011pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 19.82pt; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas Private Activity Bond Surface Transportation</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., RB, Senior Lien:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">Infrastructure, 7.00%, 6/30/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 6,000</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">7,405,560</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">NTE Mobility Partners LLC, North Tarrant Express</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">Managed Lanes Project, 6.88%, 12/31/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,884,110</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Texas System, Refunding RB, Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">System, Series B, 5.00%, 8/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,089,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">109,756,858</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Utah &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Utah County Utah Hospital, RB, 5.00%, 5/15/43</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,940</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,444,203</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Norfolk Virginia, Refunding RB, Series B</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(AMBAC), 5.50%, 2/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,240</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,242,621</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia Small Business Financing Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Lien, Elizabeth River Crossings, OPCP LLC</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 1/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,155</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,444,629</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 1/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">4,118,145</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.50%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,255</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,472,653</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,278,048</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Washington &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Healthcare Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Swedish Health Services, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.75%, 5/15/21 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,900</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,496,855</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Healthcare Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Providence Health &amp; Services,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.00%, 10/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,980</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,218,174</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,715,029</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wisconsin &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Ascension Health Senior Care Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.00%, 11/15/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,597,318</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Ascension Health Senior Care Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.00%, 11/15/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,640</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,822,532</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Aurora Health, Senior Credit Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">6.40%, 4/15/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">7,603,351</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Froedtert &amp; Community Health,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Inc., 5.38%, 10/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,205</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,207,073</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">14,230,274</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 0pt; text-align: left"><B>Total Municipal Bonds &#151; 116.4%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right">796,474,072</TD></TR>

<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Tender Option Bond Trusts (i)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alabama &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Alabama Special Care Facilities Financing Authority-</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Birmingham, Refunding RB, Ascension Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Credit Group, Series C-2,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/15/36</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">4,548</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,936,411</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 0.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt River Project Agricultural Improvement &amp; Power</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">District, RB, Series A, 5.00%, 1/01/38</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">4,760</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,414,460</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 9.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Educational Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University of Southern California, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 10/01/39 (j)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,115</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,989,921</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles California Department of</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Airports, Refunding RB, Senior, Los Angeles</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">International Airport, Series A, 5.00%, 5/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">11,679</TD>

   <TD COLSPAN="2" STYLE="text-align: right">13,202,115</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR><B>Tender Option Bond Trusts (i)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 19.8pt; text-align: center"><B>Value</B></TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Los Angeles Community College District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, Election of 2001, Series A (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">5.00%, 8/01/32</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">4,500</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">5,118,210</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Diego Community College District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, Election of 2002, 5.25%, 8/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,260</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,940,059</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Francisco City &amp; County Public Utilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Commission, RB, Series B, 5.00%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">18,540</TD>

   <TD COLSPAN="2" STYLE="text-align: right">21,150,432</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of California, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Limited Project, Series B, 4.75%, 5/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">9,838</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,232,655</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series C (NPFGC), 4.75%, 5/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,151,850</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">64,785,242</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 2.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Catholic Health:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series C-3 (AGM), 5.10%, 10/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">7,600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">8,140,208</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series C-7, 5.00%, 9/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,860</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,209,288</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">13,349,496</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Connecticut &#151; 3.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Connecticut State Health &amp; Educational Facility</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Yale University:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series T-1, 4.70%, 7/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">9,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,622,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series X-3, 4.85%, 7/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">9,360</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,663,474</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">21,285,474</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Miami-Dade Florida, RB, Water &amp; Sewer</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">System, 5.00%, 10/01/34</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">6,629</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,482,293</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois Waterworks, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">5,617</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,384,397</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Authority, Refunding RB, 5.00%, 11/15/51</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">8,139</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,077,622</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 2.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts School Building Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Series B, 5.00%, 10/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">8,860</TD>

   <TD COLSPAN="2" STYLE="text-align: right">10,295,320</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Water Resources Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, General, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">6,770</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,615,573</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">17,910,893</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Detroit Water and Sewerage Department,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 7/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,063</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,262,849</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,649</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,870,032</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,132,881</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Hampshire &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Hampshire Health &amp; Education Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Dartmouth College,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.25%, 6/01/39 (j)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">3,988</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,770,005</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 13.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hudson New York Yards Infrastructure Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Series A, 5.75%, 2/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,130</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,695,201</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Municipal Water Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series FF-2, 5.50%, 6/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,074</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,684,043</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Water &amp; Sewer System, Second General</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">Resolution, Series HH, 5.00%, 6/15/31 (j)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">16,393</TD>

   <TD COLSPAN="2" STYLE="text-align: right">19,372,195</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Transitional Finance Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 2/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,799</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,531,368</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., RB, 1 World</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Trade Center Port Authority Construction,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 12/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">20,864</TD>

   <TD COLSPAN="2" STYLE="text-align: right">23,992,963</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_32"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="56%"></TD>

   <TD width="43%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 12.011pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 3pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds Transferred to</B><BR><B>Tender Option Bond Trusts (i)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 3pt"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">4 World Trade Center Project, 5.75%, 11/15/51</TD>

   <TD STYLE="width: 1%; text-align: right">$ </TD>

   <TD STYLE="width: 14%; text-align: right; padding-right: 20pt">12,610</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%; padding-right: 3pt">14,867,064</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority, ERB, Series F,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 3/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">16,708</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">18,167,340</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">89,310,174</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County Texas Metropolitan Transit Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Refunding RB, Series A, 5.00%, 11/01/41</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">6,650</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">7,641,316</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Utah &#151; 1.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Riverton Utah Hospital, RB, IHC Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Services Inc., 5.00%, 8/15/41</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">7,153</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">7,841,522</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Virginia, Refunding RB, General,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 6/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">10,767</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">12,442,308</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Washington &#151; 3.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Puget Sound Regional Transit Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGM), 5.00%, 11/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,459</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">6,235,477</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Washington, GO, Various Purpose, Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 2/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">14,487</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">16,935,912</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">23,171,389</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Municipal Bonds Transferred to Tender</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Option Bond Trusts &#151; 44.1%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">301,935,883</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><B>(Cost &#151; $1,007,519,023) &#151; 160.5%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right; padding-right: 3pt">1,098,409,955</TD></TR>


<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 20pt"><B>Shares</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">FFI Institutional Tax-Exempt Fund, 0.04% (k)(l)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">14,628,302</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">14,628,302</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>(Cost &#151; $14,628,302) &#151; 2.1%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">14,628,302</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Investments (Cost &#151; $1,022,147,325) &#151; 162.6%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">1,113,038,257</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Other Assets Less Liabilities &#151; 0.7%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">4,816,030</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left"><B>Interest Expense and Fees Payable &#151; (23.7)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">(162,331,067)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>VMTP Shares, at Liquidation Value &#151; (39.5)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(270,800,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt"> 684,723,220</TD></TR>                                                                                                           <TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt; border-bottom: Black 1px solid">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-right: 3pt">&nbsp;</TD></TR>
</TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="41%" align=center></TD>

   <TD width="39%" align=center></TD>

   <TD width="19%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Counterparty</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Value</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Unrealized</B><BR><B>Appreciation</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>Pershing LLC</TD>

   <TD align=center>$2,295,219</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: center">$14,539</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Wells Fargo &amp; Co.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$4,035,790</TD>

   <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center">$21,801</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Security represents a beneficial interest in a trust. The collateral deposited into
the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated maturity.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(g)</TD><TD STYLE="width: 5pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Trust&rsquo;s
acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes
to Financial Statements for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(j)</TD><TD STYLE="width: 5pt"></TD><TD>All or a portion of security is subject to a recourse agreement, which may require
the Trust to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received
from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount
the Trust could ultimately be required to pay under the agreements is $16,995,956.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(k)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in issuers considered to be an affiliate of the Trust during the period
ended October 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="25%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="17%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="11%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Affiliate</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>April 30,</B><BR><B>2012</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>October 31,</B><BR><B>2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-indent: 0.02pt; text-align: center; border-top: Black 1px solid"><B>Income</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>FFI Institutional</TD>

   <TD 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; TEXT-INDENT: 5.986pt" align=left>Tax-Exempt Fund</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>12,181,066</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>2,447,236</TD>

   <TD ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center">14,628,302</TD>

   <TD ALIGN="LEFT" STYLE="border-bottom: #000000 1px solid; text-align: center">$1,376</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(l)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#8212; Various inputs are used in determining the fair value
of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial statement purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities that the Trust has the ability to access</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust&rsquo;s own assumptions used in determining
the fair value of investments)</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest
for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement
falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques may result in
transfers into or assigned level within the disclosure hierarchy. In accordance with the Trust&rsquo;s policy, transfers between
different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period.
The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily
an indication of the risks associated with investing in those securities. For information about the Trust&rsquo;s policy regarding
valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_33"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="57%"></TD>

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

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

   <TD width="5%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (concluded)</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Income</FONT></B> <B><FONT STYLE="color: #394C87">Trust (BFK)</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The following table summarizes the Trust&rsquo;s investments categorized in the disclosure hierarchy as of October 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%; text-align: left"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">Long-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 20pt">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$1,098,409,955</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$1,098,409,955</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">Short-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 20pt">Securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$14,628,302</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14,628,302</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$14,628,302</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$1,098,409,955</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$1,113,038,257</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">Certain of the Trust&rsquo;s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2012, such liabilities are categorized within the disclosure hierarchy as
follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left"><B>Liabilities:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Bank overdraft</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(546,679)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (546,679)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">TOB trust</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">certificates</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(162,219,381)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(162,219,381)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">VMTP Shares</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(270,800,000)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(270,800,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ (433,566,060)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ (433,566,060)</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">There were no transfers between levels during the period ended October 31, 2012.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_34"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="56%"></TD>

   <TD width="11%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments </FONT><FONT color=#394C87 STYLE="font-size: 10pt">October 31, 2012 (Unaudited)</FONT></TD>

   <TD COLSPAN="2" NOWRAP STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

   <TD NOWRAP STYLE="text-indent: 27.01pt; text-align: right; font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Pennsylvania &#151; 117.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Corporate &#151; 4.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Beaver County IDA, Refunding RB, First Energy, Nuclear</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Energy Corp. Project, Mandatory Put Bonds, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">3.38%, 1/01/35 (a)</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 200</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 204,274</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Economic Development Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Aqua Pennsylvania, Inc. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, AMT, 6.75%, 10/01/18</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">762,012</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Economic Development Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Series A, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Amtrak Project, 5.00%, 11/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">174,597</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Aqua Pennsylvania, Inc. Project, 5.00%, 12/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">180</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">199,663</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,340,546</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>County/City/Special District/School District &#151; 12.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Allentown Neighborhood Improvement Zone</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Development Authority, RB, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 5/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">190</TD>

   <TD COLSPAN="2" STYLE="text-align: right">202,880</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 5/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">450</TD>

   <TD COLSPAN="2" STYLE="text-align: right">476,878</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">City of Philadelphia Pennsylvania, GO, Refunding,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGC), 5.00%, 8/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">370</TD>

   <TD COLSPAN="2" STYLE="text-align: right">416,983</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">City of Pittsburgh Pennsylvania, GO, Refunding, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 9/01/26</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">125</TD>

   <TD COLSPAN="2" STYLE="text-align: right">145,491</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">County of Lycoming Pennsylvania, GO, Series A (AGM):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 8/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">164,790</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 8/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">102,988</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">County of York Pennsylvania, GO, Refunding,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 3/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">112,380</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Falls Township Pennsylvania, RB, Water &amp; Sewer</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, 5.00%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">226,156</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Marple Newtown School District, GO (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 6/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="text-align: right">714,174</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Owen J. Roberts School District, GO, 4.75%, 11/15/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">700</TD>

   <TD COLSPAN="2" STYLE="text-align: right">814,324</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Philadelphia School District, GO, Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 9/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">113,817</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Philipsburg Osceola Area School District Pennsylvania,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO (AGM):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 4/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">155</TD>

   <TD COLSPAN="2" STYLE="text-align: right">164,720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A, 4.00%, 4/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">154,178</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A, 4.00%, 4/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">110</TD>

   <TD COLSPAN="2" STYLE="text-align: right">111,667</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A, 4.00%, 4/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">40,606</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,962,032</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Education &#151; 17.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Adams County IDA, Refunding RB, Gettysburg College:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 8/15/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">115,562</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 8/15/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">114,929</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Cumberland County Municipal Authority, RB, AICUP</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Financing Program, Dickinson College Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">224,014</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Delaware County Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Haverford College, 5.00%, 11/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">415</TD>

   <TD COLSPAN="2" STYLE="text-align: right">468,834</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Villanova University, 5.25%, 12/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">115,363</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Higher Educational Facilities Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 3/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">70</TD>

   <TD COLSPAN="2" STYLE="text-align: right">71,280</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 3/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">60</TD>

   <TD COLSPAN="2" STYLE="text-align: right">67,324</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Drexel University, Series A (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.00%, 5/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">161,522</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Thomas Jefferson University, 5.00%, 3/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,111,260</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">University of Pennsylvania Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">4.00%, 8/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">215</TD>

   <TD COLSPAN="2" STYLE="text-align: right">220,424</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">University of Pennsylvania Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.00%, 8/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">300,939</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Pennsylvania (continued)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Education (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Higher Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">Drexel University, Series A, 5.25%, 5/01/41</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 1,180</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">1,339,052</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">State System of Higher Education, Series AL,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 6/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">115,300</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">State Public School Building Authority, RB, Community</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">College of Allegheny County Project (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 7/15/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">310</TD>

   <TD COLSPAN="2" STYLE="text-align: right">349,581</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">University of Pittsburgh Pennsylvania, RB, Capital Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 5.00%, 9/15/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">610</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">730,255</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">5,505,639</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Health &#151; 34.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Berks County Municipal Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Reading Hospital &amp; Medical Center Project, Series A-3,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 11/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">577,715</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Centre County Hospital Authority, RB, Mount Nittany</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Medical Center Project, 7.00%, 11/15/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">390</TD>

   <TD COLSPAN="2" STYLE="text-align: right">503,591</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Cumberland County Municipal Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Asbury Pennsylvania Obligated Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.25%, 1/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">213,730</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Diakon Lutheran, 6.38%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">557,360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dauphin County General Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Pinnacle Health System Project, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 6/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">573,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Franklin County IDA Pennsylvania, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Chambersburg Hospital Project, 5.38%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">415</TD>

   <TD COLSPAN="2" STYLE="text-align: right">454,628</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Lehigh County General Purpose Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Saint Luke&rsquo;s Bethlehem Hospital, 5.38%, 8/15/13 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,078,680</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Montgomery County Higher Education &amp; Health Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Abington Memorial Hospital:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.25%, 6/01/26</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">115</TD>

   <TD COLSPAN="2" STYLE="text-align: right">114,872</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">3.75%, 6/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">85</TD>

   <TD COLSPAN="2" STYLE="text-align: right">84,660</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Montgomery County IDA Pennsylvania, RB, Acts</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Retirement Life Communities, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.50%, 11/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">378,023</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Montgomery County IDA Pennsylvania, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Acts Retirement Life Communities:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/27</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">175</TD>

   <TD COLSPAN="2" STYLE="text-align: right">191,980</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">110</TD>

   <TD COLSPAN="2" STYLE="text-align: right">121,870</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">109,201</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Higher Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, University of Pittsburgh Medical Center,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series E, 5.00%, 5/15/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,107,710</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Philadelphia Hospitals &amp; Higher Education Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Children&rsquo;s Hospital of Philadelphia,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series C, 5.00%, 7/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">940</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,045,327</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Saint Mary Hospital Authority, Refunding RB, Catholic</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Health East, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/26</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">275,178</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/27</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">175</TD>

   <TD COLSPAN="2" STYLE="text-align: right">191,669</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">South Fork Municipal Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Conemaugh Valley Memorial, Series B (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.38%, 7/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">245</TD>

   <TD COLSPAN="2" STYLE="text-align: right">273,028</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Southcentral General Authority, Refunding RB, Wellspan</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Health Obligor Group, Series A, 6.00%, 6/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,454,800</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Union County Hospital Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Evangelical Community Hospital Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.00%, 8/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">460</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">552,340</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">10,859,462</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_35"></A><BR>



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<TR>

   <TD width="51%"></TD>


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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD NOWRAP STYLE="border-top: rgb(57,76,165) 4pt solid; text-align: right; font-size: 10pt; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></TD></TR>

<TR vAlign=bottom>

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


   <TD style="TEXT-INDENT: 27.611pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Pennsylvania (continued)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Housing &#151; 10.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania HFA, RB, S/F Mortgage, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">Series 94-A, 5.10%, 10/01/31</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 125</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 129,268</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 95-A, 4.90%, 10/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">965</TD>

   <TD COLSPAN="2" STYLE="text-align: right">984,329</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania HFA, Refunding RB, S/F Mortgage:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 92-A, AMT, 4.75%, 4/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">102,009</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 97-A, AMT, 4.65%, 10/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,300</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,337,245</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 99-A, AMT, 5.15%, 4/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">231,384</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 105-C, 4.88%, 10/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">300</TD>

   <TD COLSPAN="2" STYLE="text-align: right">319,608</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 110-B, 4.75%, 10/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">175</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">178,442</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,282,285</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>State &#151; 10.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Commonwealth of Pennsylvania, GO, First Series:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 6/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,710</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,093,502</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 3/15/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">275</TD>

   <TD COLSPAN="2" STYLE="text-align: right">329,398</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Economic Development Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Unemployment</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Compensation, Series B, 5.00%, 7/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">555,785</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">State Public School Building Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Harrisburg School District Project, Series A (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">274,502</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,253,187</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Transportation &#151; 23.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">City of Philadelphia, Pennsylvania, ARB, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 6/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,325</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,429,304</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">AMT (AGM), 5.00%, 6/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,150</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,210,432</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Delaware River Port Authority Pennsylvania &amp; New Jersey,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Series D, 5.00%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">838,875</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Turnpike Commission, Motor Licence Fund,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Enhanced Turnpike Subordinate Special, RB, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">157,724</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">215</TD>

   <TD COLSPAN="2" STYLE="text-align: right">242,041</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Turnpike Commission, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Senior Lien, Series A, 5.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">470</TD>

   <TD COLSPAN="2" STYLE="text-align: right">535,452</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A (AMBAC), 5.25%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">870</TD>

   <TD COLSPAN="2" STYLE="text-align: right">938,495</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sub-Series A, 5.13%, 12/01/26</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">115,240</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sub-Series A, 6.00%, 12/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">114,057</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sub-Series B, 5.25%, 12/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">325</TD>

   <TD COLSPAN="2" STYLE="text-align: right">367,299</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Turnpike Commission, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 6/01/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">289,407</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 6/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">551,035</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Southeastern Pennsylvania Transportation Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Capital Grant Receipts:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 6/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">290</TD>

   <TD COLSPAN="2" STYLE="text-align: right">335,260</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 6/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">385</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">443,193</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">7,567,814</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Utilities &#151; 4.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Bucks County Water &amp; Sewer Authority, RB, Water</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">System (AGM), 5.00%, 12/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">114,173</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">City of Philadelphia Pennsylvania, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Gas Works Revenue, Ninth Series, 5.25%, 8/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">290,050</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Gas Works Revenue, Series C (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.00%, 8/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">350</TD>

   <TD COLSPAN="2" STYLE="text-align: right">392,413</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">City of Philadelphia, Pennsylvania Water &amp; Wastewater,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Series A, 5.25%, 1/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">111,326</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Lycoming County Water &amp; Sewer Authority, RB (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">100</TD>

   <TD COLSPAN="2" STYLE="text-align: right">108,247</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Economic Development Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">American Water Co. Project, 6.20%, 4/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">246,011</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Philadelphia Biosolids Facility, 6.25%, 1/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">185</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">211,694</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,473,914</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left"><B>Total Municipal Bonds in Pennsylvania</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">37,244,879</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-indent: 10.12pt; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Guam &#151; 1.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>State &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Territory of Guam, Limited Obligation Bonds, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">Section 30, Series A, 5.63%, 12/01/29</TD>

   <TD STYLE="width: 1%; text-align: right; border-bottom: #000000 1px solid">$</TD>

   <TD STYLE="width: 14%; text-align: right; border-bottom: #000000 1px solid; padding-right: 20pt"> 150</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$ </TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%">168,339</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Utilities &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Guam Power Authority, Refunding RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 10/01/34</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">185</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">200,063</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 0pt; text-align: left"><B>Total Municipal</B> <B>Bonds in Guam</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right">368,402</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Puerto Rico &#151; 6.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>State &#151; 4.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Puerto Rico Public Buildings Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Government Facilities, Series N, 5.00%, 7/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">300</TD>

   <TD COLSPAN="2" STYLE="text-align: right">297,459</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Puerto Rico Sales Tax Financing Corp., RB, First</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series A, 6.38%, 8/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,155,840</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,453,299</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Utilities &#151; 2.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Puerto Rico Aqueduct &amp; Sewer Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior Lien, Series A, 6.00%, 7/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">209,246</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Puerto Rico Electric Power Authority, RB, Series WW,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 7/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">513,905</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">723,151</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left"><B>Total Municipal</B> <B>Bonds in Puerto Rico</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">2,176,450</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 0pt; text-align: left"><B>Total Municipal</B> <B>Bonds &#151; 125.9%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right">39,789,731</TD></TR>

<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B><BR><B>Tender Option Bond Trusts (c)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Pennsylvania &#151; 38.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Education &#151; 8.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Higher Educational Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University of Pennsylvania Health System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.75%, 8/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">850</TD>

   <TD COLSPAN="2" STYLE="text-align: right">999,201</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Higher Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Trustees of the University of</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Pennsylvania, Series C, 4.75%, 7/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">539,730</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania State University, RB, 5.00%, 3/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,129,330</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,668,261</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Health &#151; 12.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Geisinger Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A, 5.13%, 6/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">557,345</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A, 5.25%, 6/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,114,016</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A-1, 5.13%, 6/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,306,009</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Philadelphia Hospitals &amp; Higher Education Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Jefferson Health System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 5.00%, 5/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,094,470</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,071,840</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B><FONT color=#394C87>Housing &#151; 5.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania HFA, Refunding RB, S/F:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 96-A, AMT, 4.70%, 10/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">470</TD>

   <TD COLSPAN="2" STYLE="text-align: right">480,735</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 105-C, 5.00%, 10/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">535,925</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series 113, 4.85%, 10/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">780</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">833,282</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,849,942</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_36"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>


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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (concluded)</FONT></TD>

   <TD NOWRAP STYLE="border-top: rgb(57,76,165) 4pt solid; text-align: right; font-size: 10pt; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></TD></TR>

<TR vAlign=bottom>

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


   <TD style="TEXT-INDENT: 27.611pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 3pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B><BR><B>Tender Option Bond Trusts (c)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="text-indent: 10.63pt; text-align: center; padding-right: 3pt"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Pennsylvania (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>State &#151; 11.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Commonwealth of Pennsylvania, GO, First Series:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">5.00%, 3/15/28</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">825</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%; padding-right: 3pt"> 987,346</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,180</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">1,420,507</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Pennsylvania Turnpike Commission, RB, Series C of 2003</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">1,111,020</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">3,518,873</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 0pt; text-align: left"><B>Tender Option Bond Trusts in Pennsylvania</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right; padding-right: 3pt">12,108,916</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394c87>Puerto Rico &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>State &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Puerto Rico Sales Tax Financing Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Series C, 5.25%, 8/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">300</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">329,295</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left"><B>Tender Option Bond Trusts &#151; 39.4%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">12,438,211</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 5.99pt; text-align: left"><B>(Cost &#151; $47,709,947) &#151; 165.3%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right; padding-right: 3pt">52,227,942</TD></TR>


<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left"><B>Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 20pt"><B>Shares</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 3pt">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">BIF Pennsylvania Municipal Money Fund, 0.00%</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 5.98pt; text-align: left">(d)(e)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 20pt">994,244</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">994,244</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left"><B>(Cost &#151; $994,244) &#151; 3.1%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">994,244</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total Investments (Cost &#151; $48,704,191) &#151; 168.4%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">53,222,186</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Other Assets Less Liabilities &#151; 1.8%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">557,960</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Liability for TOB Trust Certificates, Including</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left"><B>Interest Expense and Fees Payable &#151; (18.6)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">(5,867,277)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>VRDP Shares, at Liquidation Value &#151; (51.6)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(16,300,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ </TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">31,612,869</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Trust&rsquo;s
acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes
to Financial Statements for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in issuers considered to be an affiliate of the Trust during the period
ended October 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="25%" align=center></TD>

   <TD width="24%" align=center></TD>

   <TD width="17%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="10%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Affiliate</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>April 30,</B><BR><B>2012</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>October 31,</B><BR><B>2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Income</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>BIF Pennsylvania</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.986pt" align=left>Municipal</TD>

   <TD 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; TEXT-INDENT: 5.986pt" align=left>Money Fund</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>1,862,600</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>(868,356)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>994,244</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&#8212;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>For Trust compliance purposes, the Trust&rsquo;s sector classifications refer to any
one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or
as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications
for reporting ease.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#8212; Various inputs are used in determining the fair value
of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial statement purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities that the Trust has the ability to access</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust&rsquo;s own assumptions used in determining
the fair value of investments)</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest
priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the
fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value
measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement
in its entirety.</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques
may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust&rsquo;s
policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning
of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the
investment and is not necessarily an indication of the risks associated with investing in those securities. For information about
the Trust&rsquo;s policy regarding valuation of investment and other significant accounting policies, please refer to Note 1 of
the Notes to Financial Statements.</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following table summarizes
the Trust&rsquo;s investments categorized in the disclosure hierarchy as of October 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Long-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$ 52,227,942</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$ 52,227,942</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Short-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$ 994,244</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">994,244</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ 994,244</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ 52,227,942</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ 53,222,186</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Certain of the Trust&rsquo;s
liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2012,
such liabilities are categorized within the disclosure hierarchy as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liabilities:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Bank overdraft</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,326)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26,326)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">TOB trust</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">certificates</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(5,864,261)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(5,864,261)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">VRDP Shares</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(16,300,000)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(16,300,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$(22,190,587)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$(22,190,587)</TD></TR></TABLE></DIV>

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

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">There were no transfers between
levels during the period ended October 31, 2012.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_37"></A><BR>



<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD></TD>

   <TD></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments </FONT><FONT color=#394C87 STYLE="font-size: 10pt">October 31, 2012 (Unaudited)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 19.15pt; text-align: right; font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alabama &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Alabama State Docks Department, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">6.00%, 10/01/40</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 655</TD>
   <TD STYLE="text-align: right; width: 1%">$</TD>
   <TD STYLE="text-align: right; width: 14%"> 769,330</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Jefferson Alabama, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 1/01/19</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">465</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">464,721</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,234,051</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alaska &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Northern Tobacco Securitization Corp.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.63%, 6/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">725</TD>

   <TD COLSPAN="2" STYLE="text-align: right">726,725</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 6/01/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">530</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">449,085</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,175,810</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt Verde Financial Corp., RB, Senior,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,320</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,527,821</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Luis Facility Development Corp., RB, Senior</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Lien, Regional Detention Center Project:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.25%, 5/01/15</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">135</TD>

   <TD COLSPAN="2" STYLE="text-align: right">134,504</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.00%, 5/01/20</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">214,105</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.25%, 5/01/27</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">420</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">404,725</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,281,155</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 6.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Bay Area Toll Authority, Refunding RB, San</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Francisco Bay Area Toll Bridge, Series F-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.63%, 4/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">720</TD>

   <TD COLSPAN="2" STYLE="text-align: right">838,224</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California County Tobacco Securitization Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, CAB Stanislaus, Sub-Series C,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">1.02%, 6/01/55 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,095</TD>

   <TD COLSPAN="2" STYLE="text-align: right">32,095</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Health Facilities Financing Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Stanford Hospital and Clinics, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 8/15/51</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">370</TD>

   <TD COLSPAN="2" STYLE="text-align: right">413,368</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sutter Health, Series B, 6.00%, 8/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,010</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,213,576</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California State Public Works Board, RB, Various</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Capital Projects, Sub-Series I-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.38%, 11/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">453,847</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Statewide Communities Development</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Series A, 5.00%, 4/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">690</TD>

   <TD COLSPAN="2" STYLE="text-align: right">764,230</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles Department of Airports,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series A, 5.25%, 5/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">282,063</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Foothill Eastern Transportation Corridor Agency</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">California, Refunding RB, CAB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.07%, 1/15/33 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,835</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,145,668</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of California, GO, Various Purpose:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 3/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">800</TD>

   <TD COLSPAN="2" STYLE="text-align: right">991,968</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.50%, 4/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">650</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">817,284</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,952,323</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 1.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Catholic Health Initiative, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.50%, 7/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">680</TD>

   <TD COLSPAN="2" STYLE="text-align: right">777,580</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Evangelical Lutheran Good Samaritan Society</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Project, 5.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5</TD>

   <TD COLSPAN="2" STYLE="text-align: right">5,341</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Park Creek Metropolitan District Colorado,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Senior, Limited Tax, Property Tax,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 12/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">440</TD>

   <TD COLSPAN="2" STYLE="text-align: right">465,472</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Regional Transportation District, COP, Refunding,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.38%, 6/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">320</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">365,715</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,614,108</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Delaware &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Sussex Delaware, RB, NRG Energy, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Indian River Project, 6.00%, 10/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">820</TD>

   <TD COLSPAN="2" STYLE="text-align: right">924,107</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Delaware State EDA, RB, Exempt Facilities, Indian</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">River Power, 5.38%, 10/01/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,280</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,376,794</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,300,901</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>District of Columbia &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">District of Columbia, Tax Allocation Bonds, City</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Market O Street Project, Tax Increment Revenue,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">5.13%, 6/01/41</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 690</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">746,732</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Washington Airports Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, First Senior Lien, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 10/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">160</TD>

   <TD COLSPAN="2" STYLE="text-align: right">176,278</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 10/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,111,190</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,034,200</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Florida &#151; 5.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Highlands County Florida Health Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Adventist, Series G, 5.13%, 11/15/32 (b)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,117,110</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hillsborough County IDA, RB, National Gypsum Co.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, AMT, 7.13%, 4/01/30</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,503,750</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Miami Beach Health Facilities Authority, RB, Mount</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sinai Medical Center of Florida,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.75%, 11/15/21</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,010</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,108,112</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Mid-Bay Bridge Authority, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.25%, 10/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">720</TD>

   <TD COLSPAN="2" STYLE="text-align: right">911,966</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Sumter Landing Community Development District</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Florida, RB, Sub-Series B, 5.70%, 10/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,490</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,378,220</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,019,158</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Georgia &#151; 1.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">DeKalb Private Hospital Authority, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Children&rsquo;s Healthcare, 5.25%, 11/15/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">265</TD>

   <TD COLSPAN="2" STYLE="text-align: right">293,707</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Atlanta Rapid Transit Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Third Series, 5.00%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,095</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,233,441</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,527,148</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Hawaii &#151; 0.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">State of Hawaii, RB, Series A, 5.25%, 7/01/30</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">425</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">498,942</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 14.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Board of Education Illinois, GO,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 12/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">625</TD>

   <TD COLSPAN="2" STYLE="text-align: right">731,606</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Chicago Transit Authority, RB, Sales Tax Receipts</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Revenue, 5.25%, 12/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">330</TD>

   <TD COLSPAN="2" STYLE="text-align: right">378,190</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, GARB, O&rsquo;Hare International</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Airport:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">General Third Lien, Series A, 5.75%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,770,555</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Third Lien, Series C, 6.50%, 1/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,855</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,302,333</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, GO, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,430</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,607,635</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, RB, O&rsquo;Hare International</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Airport, General Third Lien, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.63%, 1/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">800</TD>

   <TD COLSPAN="2" STYLE="text-align: right">939,048</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois, Refunding RB, Sales Tax</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Receipt Revenue, Series A, 5.25%, 1/01/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">260</TD>

   <TD COLSPAN="2" STYLE="text-align: right">300,924</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Illinois Finance Authority, Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">305</TD>

   <TD COLSPAN="2" STYLE="text-align: right">340,935</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 11/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">555</TD>

   <TD COLSPAN="2" STYLE="text-align: right">616,749</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Central DuPage Health, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.50%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,817,975</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Friendship Village Schaumburg, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.63%, 2/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">145</TD>

   <TD COLSPAN="2" STYLE="text-align: right">145,914</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Pier &amp; Exposition Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB (AGM):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">CAB, Series B, 5.11%, 6/15/44 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,980</TD>

   <TD COLSPAN="2" STYLE="text-align: right">604,314</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">McCormick Place Expansion Project, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.00%, 6/15/50</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">990</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,077,813</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">McCormick Place Expansion Project, Series B-2,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 17.96pt; text-align: left">5.00%, 6/15/50</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">785</TD>

   <TD COLSPAN="2" STYLE="text-align: right">854,386</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Railsplitter Tobacco Settlement Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.50%, 6/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">175</TD>

   <TD COLSPAN="2" STYLE="text-align: right">204,379</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 6/01/28</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">940</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,115,968</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Illinois, RB, Build Illinois, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 6/15/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">229,554</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">16,038,278</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_38"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 19.889pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Indiana &#151; 3.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left; width: 70%">First Lien, Series A, 5.25%, 10/01/38</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 500</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">573,105</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Sisters of St. Francis Health, 5.25%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">297,527</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority, Refunding RB, Ascension</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Health Senior Credit, Series B-5,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">539,560</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Finance Authority Hospital, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 5/01/42 (c)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">595</TD>

   <TD COLSPAN="2" STYLE="text-align: right">649,877</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Health Facility Financing Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Methodist Hospital, Inc.,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.38%, 9/15/22</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,060</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,061,134</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Indiana Municipal Power Agency, RB, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 1/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">350</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">423,482</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,544,685</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Iowa &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Iowa Student Loan Liquidity Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Senior Series A-1, AMT, 5.15%, 12/01/22</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">625</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">711,663</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kansas &#151; 0.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kansas Development Finance Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Sisters of Leavenworth, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">450</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">491,247</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Kentucky &#151; 3.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Owensboro Medical Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.38%, 6/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">320</TD>

   <TD COLSPAN="2" STYLE="text-align: right">380,800</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kentucky Economic Development Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Norton Healthcare Inc., Series B</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(NPFGC), 4.50%, 10/01/24 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,942,100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,322,900</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Louisiana &#151; 3.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Louisiana Local Government Environmental</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities &amp; Community Development Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Westlake Chemical Corp., Series A-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.50%, 11/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,055</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,230,911</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Parish of Saint John the Baptist Louisiana, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Marathon Oil Corp., Series A, 5.13%, 6/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,075,690</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Louisiana Gasoline &amp; Fuels Tax Revenue,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Second Lien, Series B, 5.00%, 5/01/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,025</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,152,243</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,458,844</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maine &#151; 1.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maine State Turnpike Authority, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,155,810</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland &#151; 1.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, RB, Transportation Facilities Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.75%, 6/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">135</TD>

   <TD COLSPAN="2" STYLE="text-align: right">152,388</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland EDC, Refunding RB, CNX Marine</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Terminals, Inc., 5.75%, 9/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,089,260</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Charlestown Community,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.25%, 1/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">690</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">793,065</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,034,713</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 1.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Development Finance Agency, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Wellesley College Issue, Series J,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 7/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">570</TD>

   <TD COLSPAN="2" STYLE="text-align: right">666,587</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, Refunding RB, Partners Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series J1, 5.00%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">570</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">623,255</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,289,842</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 4.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Detroit Michigan Water Supply System, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Senior Lien, Series A, 5.25%, 7/01/41</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">1,500</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">1,597,635</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Kalamazoo Hospital Finance Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Bronson Methodist Hospital,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 5/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">435</TD>

   <TD COLSPAN="2" STYLE="text-align: right">487,613</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Lansing Board of Water &amp; Light, RB, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.50%, 7/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">465</TD>

   <TD COLSPAN="2" STYLE="text-align: right">552,337</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Michigan State Hospital Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Henry Ford Health System,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.25%, 11/15/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">529,740</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Royal Oak Hospital Finance Authority Michigan,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, William Beaumont Hospital,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">8.25%, 9/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,289,500</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,456,825</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Minnesota &#151; 2.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Securitization Authority Minnesota,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Tobacco Settlement, Series B:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 3/01/25</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,415</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,612,477</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 3/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">595</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">662,723</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,275,200</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Missouri &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Missouri State Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Senior Living Facilities, Lutheran</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Senior Home, 5.50%, 2/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">330</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">353,994</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nebraska &#151; 1.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Plains Energy Project Nebraska, RB, Gas</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project No. 3:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 9/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">260</TD>

   <TD COLSPAN="2" STYLE="text-align: right">285,134</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 9/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">455</TD>

   <TD COLSPAN="2" STYLE="text-align: right">485,999</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Douglas County Hospital Authority No. 2, RB, Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities, Immanuel Obligation Group,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.63%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">720</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">811,340</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,582,473</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Nevada &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Clark Nevada, Refunding RB, Alexander</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Dawson School Nevada Project, 5.00%, 5/15/29</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">880</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">966,874</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Jersey &#151; 4.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Middlesex County Improvement Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Subordinate Heldrich, Center Hotel, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.25%, 1/01/37 (d)(e)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">645</TD>

   <TD COLSPAN="2" STYLE="text-align: right">48,149</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, RB, Continental Airlines, Inc.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.40%, 9/15/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">470</TD>

   <TD COLSPAN="2" STYLE="text-align: right">478,606</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.25%, 9/15/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">145</TD>

   <TD COLSPAN="2" STYLE="text-align: right">148,438</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey EDA, Refunding RB, 5.00%, 6/15/24</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">305</TD>

   <TD COLSPAN="2" STYLE="text-align: right">346,995</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey State Turnpike Authority, RB, Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 1/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,355</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,525,418</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Jersey Transportation Trust Fund Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Transportation System:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series A, 5.50%, 6/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">575</TD>

   <TD COLSPAN="2" STYLE="text-align: right">672,526</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series B, 5.25%, 6/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">775</TD>

   <TD COLSPAN="2" STYLE="text-align: right">895,753</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tobacco Settlement Financing Corp. New Jersey,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series 1A, 4.50%, 6/01/23</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">770</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">750,981</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,866,866</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 6.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Albany Industrial Development Agency, RB, New</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Covenant Charter School Project, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">7.00%, 5/01/35 (d)(e)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">315</TD>

   <TD COLSPAN="2" STYLE="text-align: right">47,244</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Transportation Authority, RB, Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">170</TD>

   <TD COLSPAN="2" STYLE="text-align: right">192,350</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Metropolitan Transportation Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Transportation, Series D, 5.25%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">385</TD>

   <TD COLSPAN="2" STYLE="text-align: right">437,044</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_39"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 19.889pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Industrial Development Agency,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">American Airlines, Inc., JFK International Airport,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left; width: 70%">7.75%, 8/01/31 (b)(d)(e)</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 3,000</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">3,164,250</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">British Airways PLC Project, 7.63%, 12/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,025,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Priority, Bank of America Tower at One</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Bryant Park Project, 6.38%, 7/15/49</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">385</TD>

   <TD COLSPAN="2" STYLE="text-align: right">447,216</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Thruway Authority, RB, Series I,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">555</TD>

   <TD COLSPAN="2" STYLE="text-align: right">630,025</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Port Authority of New York &amp; New Jersey, RB, JFK</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">International Air Terminal:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 12/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">410</TD>

   <TD COLSPAN="2" STYLE="text-align: right">481,611</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 12/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">395</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">460,961</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,885,701</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>North Carolina &#151; 0.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Carolina Medical Care Commission, RB, Duke</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University Health System, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 6/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">440</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">483,107</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Ohio &#151; 2.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Hamilton Ohio, RB, Christ Hospital</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, 5.00%, 6/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">575</TD>

   <TD COLSPAN="2" STYLE="text-align: right">617,538</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Montgomery Ohio, Refunding RB, Catholic</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Healthcare, Series A, 5.00%, 5/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">885</TD>

   <TD COLSPAN="2" STYLE="text-align: right">954,641</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Ohio, RB, Ford Motor Co. Project, AMT,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.75%, 4/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,040,130</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,612,309</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Oregon &#151; 0.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Tigard Washington County Oregon, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Water System, 5.00%, 8/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">80</TD>

   <TD COLSPAN="2" STYLE="text-align: right">93,068</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Oregon State Facilities Authority, RB, (AGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 7/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">715</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">784,441</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">877,509</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Pennsylvania &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Allegheny County Hospital Development Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Health System West Penn,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.38%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">735</TD>

   <TD COLSPAN="2" STYLE="text-align: right">520,042</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Pennsylvania Economic Development Financing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Aqua Pennsylvania, Inc. Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 11/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">600</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">671,184</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,191,226</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Puerto Rico &#151; 3.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Sub-Series Series A, 6.50%, 8/01/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,770</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,076,210</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Puerto Rico Sales Tax Financing Corp., Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, CAB, Series C, 4.90%, 8/01/39 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">5,910</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,402,561</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,478,771</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Carolina &#151; 3.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina Jobs, EDA, RB, Palmetto Health,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series C (f):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.00%, 8/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,225</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,336,873</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">7.00%, 8/01/13</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">275</TD>

   <TD COLSPAN="2" STYLE="text-align: right">288,827</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Carolina State Ports Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 7/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,040</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,174,077</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,799,777</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>South Dakota &#151; 0.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">South Dakota Health and Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Authority, RB, 5.00%, 11/01/42 (c)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">335</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">367,016</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Tennessee &#151; 0.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Rutherford County Health &amp; Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Board, RB, Series C, 5.00%, 11/15/47</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">65</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">73,466</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 17.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Brazos River Authority, RB, TXU Electric, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">AMT, 8.25%, 10/01/30</TD>

   <TD STYLE="text-align: right; width: 1%">$ </TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt">730</TD>
   <TD STYLE="text-align: right; width: 1%">$ </TD>
   <TD STYLE="text-align: right; width: 14%">116,391</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Texas Regional Mobility Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Senior Lien, 6.25%, 1/01/46</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">680</TD>

   <TD COLSPAN="2" STYLE="text-align: right">794,430</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Austin Texas, Refunding RB, Water &amp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Wastewater System Revenue, 5.00%, 11/15/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">200</TD>

   <TD COLSPAN="2" STYLE="text-align: right">233,882</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Dallas Texas, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 10/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">475</TD>

   <TD COLSPAN="2" STYLE="text-align: right">548,003</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Houston Texas, Refunding RB, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Senior Lien, 5.50%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">485</TD>

   <TD COLSPAN="2" STYLE="text-align: right">562,804</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Combined, First Lien, (AGC), 6.00%, 11/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,730</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,362,295</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dallas Fort Worth International Airport, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, AMT, 5.00%, 11/01/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">565</TD>

   <TD COLSPAN="2" STYLE="text-align: right">617,918</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Fort Bend County Industrial Development Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4.75%, 11/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">465</TD>

   <TD COLSPAN="2" STYLE="text-align: right">470,543</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County-Houston Sports Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, CAB, Senior Lien, Series A (NPFGC),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.67%, 11/15/38 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,750</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,109,173</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">La Joya Independent School District, Refunding GO</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(PSF-GTD):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 2/15/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,400</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,540,406</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">4.00%, 2/15/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,093,130</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">La Vernia Higher Education Finance Corp., RB, KIPP,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Inc., 6.38%, 8/15/44</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">585,175</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Midland County Fresh Water Supply District</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Number 1, RB, CAB, 4.71%, 9/15/37 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,935</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,549,245</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Texas Tollway Authority, RB, CAB, Special</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Projects System, Series B, 5.33%, 9/01/37 (a)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">640</TD>

   <TD COLSPAN="2" STYLE="text-align: right">173,286</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">North Texas Tollway Authority, Refunding RB, Toll,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Second Tier, Series F, 6.13%, 1/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,025</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,136,745</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Tarrant County Cultural Education Facilities Finance</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., RB, Scott &amp; White Healthcare,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.00%, 8/15/45</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,270</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,508,557</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas Private Activity Bond Surface Transportation</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Corp., RB, Senior Lien:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">LBJ Infrastructure Group LLC, LBJ Freeway</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Managed Lanes Project, 7.00%, 6/30/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,234,260</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">NTE Mobility Partners LLC North Tarrant Express</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">Managed Lanes Project, 6.88%, 12/31/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">606,470</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Texas State Public Finance Authority, Refunding</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">ERB, KIPP, Inc., Series A (ACA), 5.00%, 2/15/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">511,825</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Texas System, Refunding RB, Series B,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">970</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,146,103</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">18,900,641</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Utah &#151; 0.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">County of Utah, RB, 5.00%, 5/15/43</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">635</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">716,261</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 6.0%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Norfolk Virginia, Refunding RB, Series B</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">(AMBAC), 5.50%, 2/01/31</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">355</TD>

   <TD COLSPAN="2" STYLE="text-align: right">355,415</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Fairfax County EDA, Refunding RB, Goodwin House</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Inc., 5.13%, 10/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,000</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,030,810</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Virginia, Refunding RB, General,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 6/01/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,888,825</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Virginia Small Business Financing Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Senior Lien, Elizabeth River Crossings</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Project, AMT:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.25%, 1/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">250</TD>

   <TD COLSPAN="2" STYLE="text-align: right">272,950</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">6.00%, 1/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,725,480</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.50%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">365</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">400,230</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">6,673,710</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Washington &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Healthcare Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Swedish Health Services, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">6.75%, 5/15/21 (f)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">630</TD>

   <TD COLSPAN="2" STYLE="text-align: right">887,953</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_40"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (continued)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 19.889pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Municipal Bonds</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Washington (concluded)</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Washington Healthcare Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Providence Health &amp; Services,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left; width: 70%">Series A, 5.00%, 10/01/42</TD>

   <TD STYLE="text-align: right; width: 1%">$</TD>

   <TD STYLE="text-align: right; width: 14%; padding-right: 20pt"> 320</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%"> 358,493</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,246,446</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wisconsin &#151; 2.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wisconsin Health &amp; Educational Facilities Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">RB, Ascension Health Credit Group, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/15/31</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">2,165</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,413,455</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Wyoming &#151; 1.6%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Sweetwater Wyoming, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Idaho Power Co. Project, 5.25%, 7/15/26</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">975</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,112,612</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Wyoming Municipal Power Agency, RB, Series A:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.00%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">95</TD>

   <TD COLSPAN="2" STYLE="text-align: right">103,222</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">5.38%, 1/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">548,390</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,764,224</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><B>Total Municipal Bonds &#151; 111.5%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 2px solid; text-align: right">123,671,629</TD></TR>

<TR>

   <TD COLSPAN="5" STYLE="border-bottom: rgb(57,76,135) 5pt solid">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Tender Option Bond Trusts (g)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Alabama &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Alabama Special Care Facilities Financing Authority-</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Birmingham, Refunding RB, Ascension Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Senior Credit, Series C-2, 5.00%, 11/15/36</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">760</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">824,543</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Arizona &#151; 0.8%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Salt River Project Agricultural Improvement &amp; Power</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">District, RB, Series A, 5.00%, 1/01/38</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">770</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">875,869</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>California &#151; 8.4%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">California Educational Facilities Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">University of Southern California, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 10/01/39 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">855</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,001,248</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Los Angeles California Department of</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Airports, Refunding RB, Senior, Los Angeles</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">International Airport, Series A, 5.00%, 5/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,880</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,124,998</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Los Angeles Community College District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, Election of 2001, Series A (AGM),</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">740</TD>

   <TD COLSPAN="2" STYLE="text-align: right">841,661</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Diego Community College District California,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">GO, Election of 2002, 5.25%, 8/01/33</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">553</TD>

   <TD COLSPAN="2" STYLE="text-align: right">668,726</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">San Francisco City &amp; County Public Utilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Commission, RB, Series B, 5.00%, 11/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,970</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,388,176</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of California, RB, Limited Project,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series B, 4.75%, 5/15/38</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,290</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,341,476</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">9,366,285</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Colorado &#151; 1.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Colorado Health Facilities Authority, RB, Catholic</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Health (AGM), (FSA):</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">C-3, 5.10%, 10/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,210</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,296,007</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">C-7, 5.00%, 9/01/36</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">780</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">836,058</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,132,065</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Connecticut &#151; 3.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Connecticut State Health &amp; Educational Facility</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Yale University:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series T-1, 4.70%, 7/01/29</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,580</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,785,400</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left">Series X-3, 4.85%, 7/01/37</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,540</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,754,460</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,539,860</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Illinois &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Chicago Illinois Waterworks, Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 11/01/42</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">920</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,045,133</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD COLSPAN="2" STYLE="text-align: center; padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR><B>Tender Option Bond Trusts (g)</B></TD>

   <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid; padding-right: 20pt"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Value</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Maryland &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Maryland Health &amp; Higher Educational Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left; width: 70%">Authority, Refunding RB, 5.00%, 11/15/51</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 1%">$ </TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 14%; padding-right: 20pt">1,320</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 1%">$ </TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; width: 14%">1,472,047</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Massachusetts &#151; 3.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts School Building Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Senior, Series B, 5.00%, 10/15/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,430</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,661,660</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Massachusetts Water Resources Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, General, Series A,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 8/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,980</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,227,302</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,888,962</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Michigan &#151; 0.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Detroit Water and Sewerage Department,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB:</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.00%, 7/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">532,710</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 20pt; text-align: left">5.25%, 7/01/39</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">425</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">460,288</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">992,998</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New Hampshire &#151; 0.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New Hampshire Health &amp; Education Facilities</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Authority, RB, Dartmouth College,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.25%, 6/01/39 (h)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">645</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">771,091</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>New York &#151; 11.7%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Hudson New York Yards Infrastructure Corp., RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.75%, 2/15/47</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">500</TD>

   <TD COLSPAN="2" STYLE="text-align: right">590,288</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Municipal Water Finance Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series FF-2, 5.50%, 6/15/40</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">510</TD>

   <TD COLSPAN="2" STYLE="text-align: right">611,012</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York City Transitional Finance Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Future Tax Secured Revenue, Sub-Series E-1,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 2/01/42</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">780</TD>

   <TD COLSPAN="2" STYLE="text-align: right">898,847</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., RB, 1 World</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Trade Center Port Authority Construction,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.25%, 12/15/43</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">3,375</TD>

   <TD COLSPAN="2" STYLE="text-align: right">3,880,961</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York Liberty Development Corp., Refunding RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">4 World Trade Center Project, 5.75%, 11/15/51</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,030</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,393,350</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">New York State Dormitory Authority, ERB, Series F,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 3/15/35</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">4,184</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">4,549,989</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">12,924,447</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Tennessee &#151; 1.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Shelby County Health Educational &amp; Housing</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Facilities Board, Refunding RB, St. Jude&rsquo;s</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Children&rsquo;s Research Hospital, 5.00%, 7/01/31</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,280</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,410,547</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Texas &#151; 3.3%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">County of Harris Texas, RB, Senior Lien, Toll Road,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A, 5.00%, 8/15/38 (h)</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,140</TD>

   <TD COLSPAN="2" STYLE="text-align: right">2,408,013</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Harris County Texas Metropolitan Transit Authority,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Refunding RB, Series A, 5.00%, 11/01/41</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">1,080</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,240,996</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,649,009</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Utah &#151; 1.1%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">City of Riverton Utah Hospital, RB, IHC Health</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">Services Inc., 5.00%, 8/15/41</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,155</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">1,265,822</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Virginia &#151; 1.9%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">University of Virginia, Refunding RB, General,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">5.00%, 6/01/40</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">1,785</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,062,165</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Washington &#151; 3.5%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Central Puget Sound Regional Transit Authority, RB,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Series A (AGM), 5.00%, 11/01/32</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">900</TD>

   <TD COLSPAN="2" STYLE="text-align: right">1,027,826</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">State of Washington, GO, Various Purpose, Series E,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">5.00%, 2/01/34</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt">2,400</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">2,805,120</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">3,832,946</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Municipal Bonds Transferred to</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Tender Option Bond Trusts &#151; 45.1%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">50,053,789</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Long-Term Investments</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>(Cost &#151; $157,980,290) &#151; 156.6%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">173,725,418</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_41"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="56%"></TD>

   <TD width="43%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Schedule of Investments (concluded)</FONT></TD>

   <TD STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT color=#394C87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 19.883pt" align=right STYLE="font-size: 8pt; color: #394C87"><B><FONT color=#394C87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD></TD>

   <TD COLSPAN="2" STYLE="padding-right: 20pt"></TD>

   <TD COLSPAN="2" STYLE="padding-right: 3pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 20pt"><B>Shares</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; padding-right: 3pt"><B>Value</B></TD></TR>

<TR>

   <TD COLSPAN="5">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Money Market Funds &#151; 5.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; width: 71%">FFI Institutional Tax-Exempt Fund, 0.04% (i)(j)</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt">5,743,582</TD>

   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 1%">$</TD>
   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; width: 14%; padding-right: 3pt"> 5,743,582</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 20pt; border-bottom: Black 1px solid"><B>Par</B><BR><B>(000)</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><FONT color=#394C87>Pennsylvania &#151; 0.2%</FONT></B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Beaver County IDA, Refunding RB, VRDN,</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5.98pt; text-align: left">0.20%, 11/08/12 (k)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 20pt"> 200</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 3pt">200,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Short-Term Securities</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B>(Cost &#151; $5,943,582) &#151; 5.4%</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">5,943,582</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total Investments (Cost &#151; $163,923,872) &#151; 162.0%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">179,669,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Other Assets Less Liabilities &#151; 0.7%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; padding-right: 3pt">822,609</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Liability for TOB Trust Certificates, Including</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 3pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left"><B>Interest Expense and Fees Payable &#151; (24.1)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">(26,686,171)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>VMTP Shares, at Liquidation Value &#151; (38.7)%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right">(42,900,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>

   <TD COLSPAN="2" STYLE="text-align: left; padding-right: 20pt">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-right: 3pt">110,905,438</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(c)</TD><TD STYLE="width: 5pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="42%" align=center></TD>

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

   <TD width="19%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Counterparty</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Value</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Unrealized</B><BR><B>Appreciation</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>Pershing LLC</TD>

   <TD align=center>$367,016</TD>

   <TD align=center>$2,325</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Wells Fargo &amp; Co.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$649,877</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>$3,511</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(f)</TD><TD STYLE="width: 5pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(g)</TD><TD STYLE="width: 5pt"></TD><TD>Securities represent bonds transferred to a TOB in exchange for which the Trust&rsquo;s
acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes
to Financial Statements for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(h)</TD><TD STYLE="width: 5pt"></TD><TD>All or portion of security is subject to a recourse agreement, which may require the
Trust to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received
from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount
the Trust could ultimately be required to pay under the agreements is $2,069,676.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in issuers considered to be an affiliate of the Trust during the period
ended October 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="25%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="17%" align=center></TD>

   <TD width="22%" align=center></TD>

   <TD width="10%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B>Affiliate</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>April 30,</B><BR><B>2012</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR><B>Activity</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR><B>October 31,</B><BR><B>2012</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Income</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>FFI Institutional</TD>

   <TD 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: Black 1px solid; text-indent: 5.98pt; text-align: left">Tax-Exempt Fund</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">1,161,303</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">4,582,279</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">5,743,582</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">$263</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(j)</TD><TD STYLE="width: 5pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(k)</TD><TD STYLE="width: 5pt"></TD><TD>Variable rate security. Rate shown is as of report date and maturity shown is the
date the principal owed can be recovered through demand.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Fair Value Measurements &#8212; Various inputs are used in determining the fair value
of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels
for financial statement purposes as follows:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 1 &#8212; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities that the Trust has the ability to access</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 2 &#8212; other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">&#8226;</TD><TD STYLE="width: 5pt"></TD><TD>Level 3 &#8212; unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the Trust&rsquo;s own assumptions used in determining
the fair value of investments)</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest
priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the
fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value
measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement
in its entirety.</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Changes in valuation techniques
may result in transfers into or assigned level within the disclosure hierarchy. In accordance with the Trust&rsquo;s policy, transfers
between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting
period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is
not necessarily an indication of the risks associated with investing in those securities. For information about the Trust&rsquo;s
policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial
Statements.</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">The following table summarizes
the Trust&rsquo;s investments categorized in the disclosure hierarchy as of October 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%; text-align: left"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Assets:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">Long-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 20pt">Investments<SUP>1</SUP></TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$173,725,418</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$173,725,418</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">Short-Term</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 20pt">Securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$5,743,582</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">200,000</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,943,582</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$5,743,582</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$173,925,418</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$179,669,000</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">Certain of the Trust&rsquo;s liabilities are
held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2012, such assets and
liabilities are categorized within the disclosure hierarchy as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 28%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 18%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 1</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 2</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Level 3</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Total</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Liabilities:</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Bank overdraft</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88,112)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88,112)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">TOB trust</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 10pt">certificates</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(26,669,042)</TD>

   <TD STYLE="text-align: center">&#8212;</TD>

   <TD STYLE="text-align: right">(26,669,042)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">VMTP Shares</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(42,900,000)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(42,900,000)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ (69,657,154)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: center">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$ (69,657,154)</TD></TR></TABLE></DIV>

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

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">There were no transfers between levels during
the period ended October 31, 2012.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_42"></A><BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Statements of Assets and Liabilities</FONT></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="width: 37%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>October 31, 2012 (Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock</B><BR><B>Investment</B><BR><B>Quality Municipal</B><BR><B>Trust Inc.</B><BR><B>(BKN)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Long-Term</B><BR><B>Municipal <BR></B>Advantage Trust <BR>(BTA)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Municipal <BR></B>2020 Term Trust<BR>(BKK)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock</B><BR><B>Municipal</B><BR><B>Income Trust</B><BR><B>(BFK)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Pennsylvania</B><BR><B>Strategic <BR></B>Municipal Trust<BR>(BPS)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Strategic <BR></B>Municipal Trust <BR>(BSD)</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Assets</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Investments at value &#8212; unaffiliated<SUP>1</SUP></TD>

   <TD STYLE="text-indent: 1.64pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">422,410,069</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">261,511,203</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">491,462,398</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">1,098,409,955</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">52,227,942</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">173,925,418</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Investments at value &#8212; affiliated <SUP>2</SUP></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,735,125</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,910,083</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">18,568,855</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">14,628,302</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">994,244</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,743,582</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Interest receivable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,966,366</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,788,834</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,682,507</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">15,284,670</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">739,400</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,429,041</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investments sold receivable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,183,892</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">475,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">670,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">85,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Deferred offering costs</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">160,146</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">301,930</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">45,867</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">97,257</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Prepaid expenses</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">22,609</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">20,916</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15,401</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">58,925</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,693</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,439</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total assets</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">438,478,207</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">269,231,036</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">517,204,161</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">1,129,353,782</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">54,010,146</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">182,284,737</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="19">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Liabilities</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Bank overdraft</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">172,474</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">111,573</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">186,106</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">546,679</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">26,326</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">88,112</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Investments purchased payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">11,668,637</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1,130,646</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">6,294,669</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,011,057</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Income dividends payable &#8212; Common Shares</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,371,044</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">831,563</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,259,730</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,579,665</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">144,172</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">540,304</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Investment advisory fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">125,857</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">116,500</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">218,277</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">567,691</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">27,273</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">91,565</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Officer&rsquo;s and Trustees&rsquo; fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">75,698</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">31,128</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">39,831</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">205,576</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">9,142</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">20,276</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Interest expense and fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">12,191</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">101,378</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,789</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">111,686</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,016</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">17,129</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Administration fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">54,016</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Other accrued expenses payable</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">100,540</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">56,603</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">100,040</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">305,215</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">23,087</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">41,814</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Total accrued liabilities</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">13,580,457</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">2,379,391</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">1,807,773</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">11,611,181</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">233,016</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">1,810,257</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="19">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Other Liabilities</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">TOB trust certificates</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">22,053,381</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">94,762,802</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,750,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">162,219,381</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">5,864,261</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">26,669,042</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">VRDP Shares, at liquidation value of $100,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">per share<SUP>3,4,5</SUP></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">16,300,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">VMTP Shares, at liquidation value of $100,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">per share<SUP>3,4,5</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">125,900,000</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">270,800,000</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">42,900,000</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total other liabilities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">147,953,381</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">94,762,802</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3,750,000</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">433,019,381</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">22,164,261</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">69,569,042</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Total liabilities</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">161,533,838</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">97,142,193</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">5,557,773</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">444,630,562</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">22,437,277</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">71,379,299</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="19">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>AMPS at Redemption Value</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">$25,000 per share liquidation preference, plus</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">unpaid dividends<SUP>3,4,5</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">173,856,106</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Net Assets Applicable to Common Shareholders</B></TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 1.63pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">276,944,369</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">172,088,843</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">337,790,282</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">684,723,220</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">31,612,869</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-indent: 0.04pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">110,905,438</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="19">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="6" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT STYLE="color: #394C87">Net Assets Applicable to Common Shareholders Consist of</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Paid-in capital<SUP>5,6,7</SUP></TD>

   <TD STYLE="text-indent: 1.63pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">238,171,326</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">191,576,728</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">287,584,576</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">607,076,254</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">28,589,392</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.03pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">103,520,303</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Undistributed net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,485,280</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,114,283</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">22,400,038</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">10,236,481</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">613,794</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,602,511</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Accumulated net realized loss</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(5,541,056</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(41,309,349</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(1,114,358</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(23,480,447</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(2,108,312</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(9,962,504</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Net unrealized appreciation/depreciation</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">40,828,819</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">19,707,181</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">28,920,026</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">90,890,932</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,517,995</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15,745,128</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Net Assets Applicable to Common Shareholders</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 1.63pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">276,944,369</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">172,088,843</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">337,790,282</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">684,723,220</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">31,612,869</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.03pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">110,905,438</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value per Common Share</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 1.63pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.16</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.83</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.32</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="19">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left"><SUP>1 </SUP>Investments at cost &#8212; unaffiliated</TD>

   <TD STYLE="text-indent: 1.63pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">381,581,250</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">241,804,022</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">462,542,372</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">1,007,519,023</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">47,709,947</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">158,180,290</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left"><SUP>2 </SUP>Investments at cost &#8212; affiliated</TD>

   <TD STYLE="text-indent: 1.64pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">6,735,125</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">3,910,083</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">18,568,855</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">14,628,302</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">994,244</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0.03pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">5,743,582</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left"><SUP>3 </SUP>Preferred Shares outstanding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,259</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,954</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,708</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">163</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">429</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left"><SUP>4 </SUP>Preferred Shares authorized</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,862</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left"><SUP>5 </SUP>Per value per Preferred Shares and Common Shares</TD>

   <TD STYLE="text-indent: 1.62pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">0.01</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">0.001</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">$</TD>

   <TD STYLE="text-align: right">0.001</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">0.001</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">0.001</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">$</TD>

   <TD STYLE="text-align: right">0.001</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left"><SUP>6 </SUP>Common Shares outstanding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">17,137,557</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">13,412,309</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">20,236,628</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">44,689,948</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,030,590</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7,301,399</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.97pt; text-align: left"><SUP>7 </SUP>Common Shares authorized</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">200 million</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">unlimited</TD>

   <TD STYLE="text-align: right">&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_43"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Statements of Operations</FONT></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="width: 39%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Six Months Ended October 31, 2012 (Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock</B><BR><B>Investment</B><BR><B>Quality Municipal</B><BR><B>Trust Inc.</B><BR><B>(BKN)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Long-Term</B><BR><B>Municipal <BR></B>Advantage Trust&nbsp;<BR>(BTA)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Municipal <BR></B>2020 Term Trust <BR>(BKK)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock</B><BR><B>Municipal</B><BR><B>Income Trust</B><BR><B>(BFK)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Pennsylvania</B><BR><B>Strategic <BR>Municipal Trust <BR></B>(BPS)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock<BR><B>Strategic <BR>Municipal Trust <BR></B>(BSD)</B></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Investment Income</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Interest</TD>

   <TD STYLE="text-indent: 1.63pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">10,164,372</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">6,104,402</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">10,965,773</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">26,767,830</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">1,150,528</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">4,158,920</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Income &#8212; affiliated</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">496</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">165</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">449</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,376</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">263</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total income</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">10,164,868</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">6,104,567</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">10,966,222</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">26,769,206</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">1,150,528</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">4,159,183</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=19>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Expenses</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Investment advisory</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">733,687</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">847,012</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,289,881</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,322,165</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">160,940</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">536,375</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Administration</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">314,437</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Professional</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">37,346</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">31,633</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">44,885</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">73,750</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">22,408</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">28,390</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Accounting services</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">39,470</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">16,819</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">34,842</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">46,722</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">10,469</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">23,790</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Remarketing fees on Preferred Shares</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">131,623</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">6,868</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Officer and Trustees</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">17,004</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">8,973</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">19,990</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">39,210</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,031</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,726</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Custodian</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">12,827</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">7,130</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">14,798</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">23,575</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,818</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7,022</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Transfer agent</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">10,940</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">6,413</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">13,769</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">15,416</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">7,138</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">8,506</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Printing</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,477</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">4,138</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">11,635</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">20,089</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">4,554</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7,014</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Registration</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,466</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,475</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,454</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,252</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">164</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,383</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Miscellaneous</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">30,345</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10,591</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">26,438</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">44,715</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">23,151</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">23,864</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Total expenses excluding interest expense, fees and</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 6pt; text-align: left">amortization of offering costs</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,204,999</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">935,184</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,590,315</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,589,894</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">241,541</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">643,070</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Interest expense, fees and amortization of offering costs<SUP>1</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">856,931</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">393,954</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10,642</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,282,388</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">91,812</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">376,616</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,061,930</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1,329,138</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,600,957</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,872,282</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">333,353</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,019,686</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Less fees waived by Manager</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(876</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(169,762</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(862</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(2,401</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(720</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(626</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses after fees waived</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,061,054</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,159,376</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,600,095</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,869,881</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">332,633</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,019,060</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">8,103,814</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">4,945,191</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">9,366,127</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">20,899,325</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">817,895</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">3,140,123</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=19>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Realized and Unrealized Gain (Loss)</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net realized gain (loss) from:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Investments</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,217,169</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">575,238</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">789,981</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">3,154,724</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">155,881</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">488,656</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Financial futures contracts</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1,142,288</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(109,262</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(2,272,968</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(106,652</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(373,476</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3,074,881</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">465,976</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">789,981</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">881,756</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">49,229</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">115,180</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net change in unrealized appreciation/depreciation on:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Investments</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">10,025,723</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">8,425,179</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,377,286</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">34,204,902</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">987,305</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,402,864</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Financial futures contracts</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">565,164</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">63,068</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">926,003</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">32,448</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">152,019</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10,590,887</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">8,488,247</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,377,286</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">35,130,905</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1,019,753</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,554,883</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total realized and unrealized gain</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">13,665,768</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">8,954,223</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">5,167,267</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">36,012,662</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">1,068,982</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">5,670,063</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=19>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Dividends to AMPS Shareholders From</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(242,718</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(8,984</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Net Increase in Net Assets Applicable to Common</B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left"><B>Shareholders Resulting from Operations</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 1.63pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">21,769,582</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13,899,414</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14,290,676</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">56,911,986</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1,877,893</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8,810,186</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Related to TOBs, VRDP Shares and/or VMTP Shares.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_44"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Statements of Changes in Net Assets</FONT></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">




<TR vAlign=bottom>

   <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>

   <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>BlackRock Investment Quality</B><BR><B>Municipal Trust Inc. (BKN)</B></TD>


    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>BlackRock Long-Term</B><BR><B>Municipal Advantage Trust (BTA)</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Year</B><BR><B>Ended</B><BR><B>April 30,</B><BR><B>2012</B></TD>


    <TD>&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Year</B><BR><B>Ended</B><BR><B>April 30,</B><BR><B>2012</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Operations</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">8,103,814</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">16,798,943</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">4,945,191</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">10,082,705</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized gain</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,074,881</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,436,978</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">465,976</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(5,200,160</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net change in unrealized appreciation/depreciation</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">10,590,887</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">43,206,241</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">8,488,247</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">27,833,443</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to AMPS Shareholders from net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(210,347</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase in net assets applicable to Common Shareholders resulting from operations</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">21,769,582</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">62,231,815</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">13,899,414</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">32,715,988</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="15">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Dividends to Common Shareholders From </FONT></B><B><SUP><FONT color=#394C87>1</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(8,564,127</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(17,225,903</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(5,254,665</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(10,262,000</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>

<TR>

   <TD COLSPAN="15">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Capital Share Transactions</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Reinvestment of common dividends</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">364,086</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">827,499</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">229,032</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">250,652</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="15">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total increase in net assets applicable to Common Shareholders</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">13,569,541</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">45,833,411</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">8,873,781</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">22,704,640</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">263,374,828</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">217,541,417</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">163,215,062</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">140,510,422</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">End of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">276,944,369</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">263,374,828</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">172,088,843</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">163,215,062</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Undistributed net investment income</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">3,485,280</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">3,945,593</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2,114,283</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2,423,757</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">




<TR vAlign=bottom>

   <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>

   <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>BlackRock Municipal 2020</B><BR><B>Term Trust (BKK)</B></TD>


    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>BlackRock Municipal</B><BR><B>Income Trust (BFK)</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Year</B><BR><B>Ended</B><BR><B>April 30,</B><BR><B>2012</B></TD>


    <TD>&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Year</B><BR><B>Ended</B><BR><B>April 30,</B><BR><B>2012</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Operations</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">9,366,127</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">20,691,348</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">20,899,325</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">42,385,428</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized gain</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">789,981</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">924,765</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">881,756</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(3,547,068</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net change in unrealized appreciation/depreciation</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">4,377,286</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">28,874,406</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">35,130,905</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">110,198,915</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Dividends to AMPS Shareholders from net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(242,718</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(397,635</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(430,187</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Net increase in net assets applicable to Common Shareholders resulting from operations</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">14,290,676</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">50,092,884</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">56,911,986</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">148,607,088</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="15">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Dividends to Common Shareholders From </FONT></B><B><SUP><FONT color=#394C87>1</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(7,558,381</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(15,116,761</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(21,467,850</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(42,872,546</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>

<TR>

   <TD COLSPAN="15">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Capital Share Transactions</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Reinvestment of common dividends</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">782,515</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">1,664,941</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="15">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>


    <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>
   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total increase in net assets applicable to Common Shareholders</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">6,732,295</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">34,976,123</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">36,226,651</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">107,399,483</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">331,057,987</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">296,081,864</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">648,496,569</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">541,097,086</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">End of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">337,790,282</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">331,057,987</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">684,723,220</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">648,496,569</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Undistributed net investment income</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">22,400,038</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">20,835,010</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>


    <TD>&nbsp;</TD>
   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10,236,481</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10,805,006</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_45"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Statements of Changes in Net Assets (concluded)</FONT></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>

   <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>BlackRock Pennsylvania</B><BR><B>Strategic Municipal Trust (BPS)</B></TD>

   <TD STYLE="text-align: center; padding-bottom: 1pt"><B></B></TD>

   <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>BlackRock Strategic</B><BR><B>Municipal Trust (BSD)</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Increase (Decrease) in Net Assets Applicable to Common Shareholders:</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Year</B><BR><B>Ended</B><BR><B>April 30,</B><BR><B>2012</B></TD>

   <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;<B></B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>Year</B><BR><B>Ended</B><BR><B>April 30,</B><BR><B>2012</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Operations</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">817,895</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">1,820,284</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">3,140,123</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">6,479,504</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net realized gain (loss)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">49,229</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(312,033</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">115,180</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">928,043</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net change in unrealized appreciation/depreciation</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1,019,753</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">4,351,575</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">5,554,883</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">14,906,795</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to AMPS Shareholders from net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(8,984</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(37,257</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(67,856</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase in net assets applicable to Common Shareholders resulting from operations</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">1,877,893</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">5,822,569</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">8,810,186</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">22,246,486</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="14">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Dividends to Common Shareholders From</FONT></B><B><SUP><FONT color=#394C87>1</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(874,820</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,848,975</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(3,241,381</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(6,479,345</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>

<TR>

   <TD COLSPAN="14">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Capital Share Transactions</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Reinvestment of common dividends</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">30,976</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">31,115</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">28,131</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">60,332</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="14">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total increase in net assets applicable to Common Shareholders</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1,034,049</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">4,004,709</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">5,596,936</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">15,827,473</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">30,578,820</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">26,574,111</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">105,308,502</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">89,481,029</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">End of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">31,612,869</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">30,578,820</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">110,905,438</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">105,308,502</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Undistributed net investment income</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">613,794</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">679,703</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1,602,511</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1,703,769</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_46"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Statements of Cash Flows</FONT></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="width: 44%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 9%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 9%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 9%; text-align: center"></TD>

   <TD STYLE="width: 2%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left"><B>Six Months Ended October 31, 2012 (Unaudited)</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>BlackRock</B><BR><B>Investment</B><BR><B>Quality Municipal</B><BR><B>Trust Inc.</B><BR><B>(BKN)</B></TD>

   <TD colSpan=3 align=center><B>BlackRock</B><BR><B>Long-Term</B><BR><B>Municipal</B><BR><B>Advantage Trust</B><BR><B>(BTA)</B></TD>

   <TD colSpan=3 align=center><B>BlackRock</B><BR><B>Municipal</B><BR><B>Income Trust</B><BR><B>(BFK)</B></TD>

   <TD colSpan=3 align=center><B>BlackRock</B><BR><B>Pennsylvania</B><BR><B>Strategic</B><BR><B>Municipal Trust</B><BR><B>(BPS)</B></TD>

   <TD colSpan=3 align=center><B>BlackRock</B><BR><B>Strategic</B><BR><B>Municipal Trust</B><BR><B>(BSD)</B></TD></TR>


<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT STYLE="color: #394C87">Cash Provided by (Used for) Operating Activities</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase in net assets resulting from operations, excluding</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">dividends to AMPS Shareholders</TD>

   <TD STYLE="text-indent: 1.37pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">21,769,582</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">13,899,414</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">56,911,986</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">1,886,877</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">8,810,186</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Adjustments to reconcile net increase in net assets</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 6pt; text-align: left">resulting from operations to net cash provided by (used for)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 6pt; text-align: left">operating activities:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase (decrease) in interest receivable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">205,344</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">54,604</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(967,636</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(39,279</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(142,988</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase in cash pledged as collateral for financial futures</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 18pt; text-align: left">contracts</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">386,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">70,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">741,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">30,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">122,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase (decrease) in prepaid expenses.</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(3,431</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">913</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(9,761</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">896</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">9,809</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase in investment advisory fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">10,892</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">10,437</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">52,316</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,509</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">8,329</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase in interest expense and fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">5,489</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">17,450</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">41,414</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1,040</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">6,490</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase (decrease) in other accrued expenses payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(39,544</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(42,338</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(87,725</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(29,383</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(52,366</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Decrease in variation margin payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(36,500</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(4,500</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(70,125</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(2,750</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(11,500</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase (decrease) in Officers and Trustees&rsquo; fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">19,231</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">14,643</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(1,190</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,308</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">9,875</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 11.98pt; text-align: left">Increase in administration fees payable</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,639</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">Net realized and unrealized gain on investments</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(14,242,892</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(9,000,417</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(37,359,627</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(1,143,186</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(5,891,520</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">Amortization of premium and accretion of discount on investments</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(1,104,371</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(276,460</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(1,130,081</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">54,311</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(92,091</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">Amortization of deferred offering costs</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">109</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">62,137</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">40,983</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">17,301</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">Proceeds from sales of long-term investments</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">109,912,280</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">29,478,409</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">102,571,782</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">4,019,833</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">23,979,791</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">Purchases of long-term investments</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(113,738,231</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(26,709,307</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(120,673,686</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(6,068,147</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(22,509,973</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">Net proceeds from sales (purchases) of short-term securities</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(2,224,331</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(494,583</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(2,447,236</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">868,356</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(4,782,279</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">Cash provided by (used for) operating activities</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">924,266</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">7,018,265</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,366,432</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(374,632</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(518,936</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>

<TR>

   <TD colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Cash Provided by (Used for) Financing Activities</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Cash receipts from TOB trust certificates</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">7,170,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,088,327</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">22,500,930</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1,320,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">3,643,934</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cash payments for TOB trust certificates</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(115</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(5,140,093</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(10,000</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cash receipts from issuance of VRDP Shares</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">16,300,000</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cash payments on redemption of AMPS</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(16,325,000</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cash payments for offering costs</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(86,850</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cash dividends paid to Common Shareholders</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(5,078,072</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(20,681,177</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(3,213,110</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cash dividends paid to AMPS Shareholders</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(8,266,625</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(849,844</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Increase in bank overdraft</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">172,474</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">111,573</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">546,679</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">26,326</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">88,112</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Cash provided by (used for) financing activities</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">(924,266</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1px solid">)</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">(7,018,265</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1px solid">)</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">2,366,432</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">374,632</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 1px solid">518,936</TD>

   <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>

<TR>

   <TD colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Cash</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase (decrease) in cash</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Cash at beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Cash at end of period</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Cash Flow Information</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Cash paid during the period for interest and fees</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 1.37pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">851,333</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">376,504</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2,178,837</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">49,789</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">352,825</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Noncash Financing Activities</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Capital shares issued in reinvestment of dividends paid to</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">Common Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 1.36pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">364,086</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">229,032</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">782,515</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">30,976</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">28,131</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; font-size: 8pt; margin-left: 10pt">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 in relation to average total assets.</P>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_47"></A><BR>



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<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="41%"></TD>

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<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Financial Highlights</FONT></TD>

   <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Investment</FONT></B> <B><FONT STYLE="color: #394C87">Quality</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Trust Inc. (BKN)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

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   <TD STYLE="text-align: center"></TD>

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   <TD STYLE="text-align: center"></TD>

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<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="9" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><BR><BR>Year Ended April 30,</B></TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Period</B><BR><B>November 1,</B><BR><B>2008</B> <B>to</B><BR><B>April 30,</B><BR><B>2009</B></TD>

   <TD COLSPAN="6" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Year Ended October 31,</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2012</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Per Share Operating Performance</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12.75</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.68</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">11.63</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10.64</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.73</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.79</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.47</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.98 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.04 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.07 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.50 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.08 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.08</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized and unrealized gain (loss)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.80</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2.68</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.93</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.96</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.94</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(3.97</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.79</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to AMPS Shareholders from net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.01</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.05</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.31</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.32</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase (decrease) from investment operations</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.27</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3.65</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.08</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3.00</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(3.20</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to Common Shareholders from net</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">investment income<SUP>8</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.50</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1.01</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1.01</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.95</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.40</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.89</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.16</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.39</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.75</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.68</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.63</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.64</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.73</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Market price, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17.11</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.75</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.08</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.35</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.25</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.35</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT color=
#394C87>2</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on net asset value</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.32</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">29.46</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.49</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">26.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.63</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(22.93</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.95</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on market price</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">29.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.61</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">34.50</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(33.11</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(8.49</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.51</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.29</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and before fees</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">paid indirectly<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.51</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.51</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly and</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">excluding interest expense, fees and amortization of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">offering costs<SUP>4,6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.88</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.99</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>7</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.04</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.20</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.94</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.94</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.83</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.29</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.53</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.84</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dividends to AMPS Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.09</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.23</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income to Common Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.94</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.85</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.60</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.03</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.66</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.56</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.99</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Supplemental Data</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net assets applicable to Common Shareholders, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">276,944</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">263,375</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">217,541</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">232,471</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">196,811</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">180,188</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">247,272</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">AMPS outstanding at $25,000 liquidation preference, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">125,950</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">125,950</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">126,950</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">126,950</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">146,550</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">VMTP Shares outstanding at $100,000 liquidation value, end</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">of period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">125,900</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">125,900</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Portfolio turnover</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">22</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">47</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">38</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">43</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">68,183</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">71,147</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">63,762</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">60,495</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">67,185</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per VMTP Shares at $100,000 liquidation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">319,968</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">309,194</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Annualized.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP
Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP
Shares, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 5pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 0.94%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>8</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_48"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="42%"></TD>

   <TD width="27%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Financial Highlights</FONT></TD>

   <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Long-Term</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Advantage</FONT></B> <B><FONT STYLE="color: #394C87">Trust (BTA)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="9" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><BR><BR>Year Ended April 30,</B></TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Period</B><BR><B>November 1,</B><BR><B>2008</B> <B>to</B><BR><B>April 30,</B><BR><B>2009</B></TD>

   <TD COLSPAN="6" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Year Ended October 31,</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2012</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Per Share Operating Performance</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12.19</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10.51</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">11.27</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">9.52</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.69pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">8.57</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.72</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.89</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.37</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.75 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.76 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.75 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.34 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.81 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.70</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized and unrealized gain (loss)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.66</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.70</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.79</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.69</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.94</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(5.30</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1.15</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase (decrease) from investment operations</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2.45</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2.44</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.28</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(4.49</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.45</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends from net investment income<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.39</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.77</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.73</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.69</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.33</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.66</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.72</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.83</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.51</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.27</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.69pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.52</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.72</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Market price, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.27</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.20</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.77</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.69pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.79</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.40</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.14</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT color=
#394C87>2</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on net asset value</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">24.09</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.18</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">26.81</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">15.78</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(33.64</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">(2.93</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on market price</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.79</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">28.70</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.37</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">31.25</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">9.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(26.49</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">(13.00</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.81</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.80</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">2.95</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.00</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and before fees</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">paid indirectly</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.37</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.42</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.43</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.40</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">2.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">3.60</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.29</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.37</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.42</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.43</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.40</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">2.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">3.60</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.29</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly and</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">excluding interest expense and fees<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.90</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.86</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.78</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.75</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">0.82</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.83</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.89</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.84</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.60</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.97</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right">7.88</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.56</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Supplemental Data</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net assets, end of period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">172,089</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">163,215</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">140,510</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">150,357</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="text-align: right; border-bottom: Black 2px solid">127,079</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">114,382</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="text-align: right; border-bottom: Black 2px solid">183,161</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Portfolio turnover</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">30</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">39</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Based on average shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Annualized.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_49"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="46%"></TD>

   <TD width="30%"></TD>

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

   <TD width="4%"></TD>

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Financial Highlights</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">2020</FONT></B> <B><FONT STYLE="color: #394C87">Term Trust (BKK)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

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   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="9" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><BR><BR>Year Ended April 30,</B></TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Period</B><BR><B>January 1,</B><BR><B>2009</B> <B>to</B><BR><B>April 30,</B><BR><B>2009</B></TD>

   <TD COLSPAN="6" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Year Ended December 31,</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2012</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Per Share Operating Performance</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">16.36</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.63</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.51</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12.04</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10.55</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.79</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.77</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.46</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.02</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.06</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.10</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.35</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.09</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.12</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized and unrealized gain (loss)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.25</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.48</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.15</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2.16</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.41</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(4.28</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.97</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to AMPS Shareholders from net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.01</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.02</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.04</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.04</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.02</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.30</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.33</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase (decrease) from investment operations</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.70</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2.48</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.87</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3.22</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.74</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(3.49</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.18</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to Common Shareholders from net</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">investment income<SUP>9</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.37</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.75</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.75</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.75</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.25</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.75</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.80</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.36</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.63</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.51</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.04</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.79</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Market price, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.81</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.89</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.70</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.60</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT color=
#394C87>2</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on net asset value</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.32</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17.27</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.96</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">26.97</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.39</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(24.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.16</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on market price</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.04</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.83</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.29</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">23.52</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">22.54</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(17.81</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(9.11</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.95</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.99</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.03</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.95</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.99</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.03</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.05</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly and</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">excluding interest expense and fees<SUP>4,6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.95</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5,7</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.98</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>8</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.02</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.05</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.21</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.05</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.56</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.08</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.01</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.27</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dividends to AMPS Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.14</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.13</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.24</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.59</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.18</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.14</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income to Common Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.42</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.44</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.02</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.80</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.83</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.13</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Supplemental Data</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net assets applicable to Common Shareholders, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">337,790</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">331,058</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">296,082</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">293,549</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">243,571</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">213,472</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 4.17pt; text-align: right">299,372</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">AMPS outstanding at $25,000 liquidation preference, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">177,600</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Portfolio turnover</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">18</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">73,575</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">72,607</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">67,579</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">67,215</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">60,027</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">55,703</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">67,154</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Annualized.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Interest expense and fee relate to TOBs. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 5pt"></TD><TD>For the six months ended October 31, 2012, the total expense ratio after fees waived
and paid indirectly and excluding interest expense, fees, and remarketing fees was 0.87%.<SUP>8 </SUP>For the year ended April
30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, and remarketing
fees was 0.90%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>9</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_50"></A><BR>



<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="47%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Financial Highlights</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Income</FONT></B> <B><FONT STYLE="color: #394C87">Trust (BFK)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

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   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

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   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

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<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD COLSPAN="9" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><BR><BR>Year Ended April 30,</B></TD>

   <TD ROWSPAN="2" COLSPAN="3" STYLE="text-align: center"><B>Period</B><BR><B>November 1,</B><BR><B>2008</B> <B>to</B><BR><B>April 30,</B><BR><B>2009</B></TD>

   <TD COLSPAN="6" STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Year Ended October 31,</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2012</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Per Share Operating Performance</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.53</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12.16</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.23</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10.74</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10.08</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.55</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.37</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.47</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.95</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.01</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.03</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.52</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.12</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.11</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized and unrealized gain (loss)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.80</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2.39</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(1.11</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2.42</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.58</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(4.38</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.63</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends and distributions to AMPS Shareholders from:</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.01</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.02</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.03</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.03</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.30</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.31</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">Net realized gain</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.00</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)<SUP>2</SUP></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase (decrease) from investment operations</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.27</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3.33</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.12</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3.42</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.07</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(3.56</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.17</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends and distributions to Common Shareholders from:<SUP>9</SUP></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.48</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.96</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.95</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.93</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.41</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.91</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.99</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">Net realized gain</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.00</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)<SUP>2</SUP></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total dividends and distributions to Common Shareholders</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.48</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.96</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.95</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.93</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.41</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.91</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.99</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.32</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.53</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.16</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.23</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.74</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.08</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Market price, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.34</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.83</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.35</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.44</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.10</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.75</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.92</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT color=
#394C87>3</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on net asset value</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.80</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">28.24</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.04</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">32.75</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(25.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.70</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on market price</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.70</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">28.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">30.49</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">32.34</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(41.05</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(2.11</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.74</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.44</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.38</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.18</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.74</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.24</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.88</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly and</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">excluding interest expense, fees and amortization of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">offering costs<SUP>5,7</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.14</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>8</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.14</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.98</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.88</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.20</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.84</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.37</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.48</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.34</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.43</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dividends to AMPS Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.20</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.23</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.70</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.04</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income to Common Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.20</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.99</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.64</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.14</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.78</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.39</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR>

   <TD COLSPAN="22">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Supplemental Data</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net assets applicable to Common Shareholders, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">684,723</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">648,497</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">541,097</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">587,250</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">474,814</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">445,289</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">640,981</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">AMPS outstanding at $25,000 liquidation preference, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">270,875</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">270,875</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">293,125</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">293,125</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">375,125</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">VMTP Shares outstanding at $100,000 liquidation value, end</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">of period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">270,800</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">270,800</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Portfolio turnover</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">18</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">32</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">74,941</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">79,201</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">65,498</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">62,989</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">67,727</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per VMTP Shares at $100,000 liquidation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">352,848</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">339,474</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Amount is less than $(0.01) per share.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Annualized.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP
Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP
Shares, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>8</SUP></TD><TD STYLE="width: 5pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.10%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>9</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends and distributions are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_51"></A><BR>



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<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="41%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Financial Highlights</FONT></TD>

   <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Pennsylvania</FONT></B> <B><FONT STYLE="color: #394C87">Strategic</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Trust (BPS)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

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   <TD STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD rowSpan=2 colSpan=3 align=center><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=center><B><BR><BR>Year Ended April 30,</B></TD>

   <TD rowSpan=2 colSpan=3 align=center><B>Period</B><BR><B>January 1,</B><BR><B>2009</B> <B>to</B><BR><B>April 30,</B><BR><B>2009</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=center><B>Year Ended December 31,</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2012</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Per Share Operating Performance</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.07</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.11</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.86</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">11.87</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10.77</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.12</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.03pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.01</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.40</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.90</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.98</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.92 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.27 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.89 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.99</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized and unrealized gain (loss)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.53</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.99</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.81</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.83</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.03</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(3.36</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.74</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to AMPS Shareholders from net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.00</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)<SUP>2</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.02</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.04</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.02</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.26</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.31</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase (decrease) from investment operations</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.93</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2.87</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.14</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2.71</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.28</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(2.73</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.06</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to Common Shareholders from net</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">investment income<SUP>10</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.43</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.91</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.89</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.72</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.18</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.62</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.83</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.11</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.86</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.77</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.03pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Market price, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.27</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.99</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.88</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.85</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.42</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=22>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT color=#394C87>3</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on net asset value</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.24</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">22.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">23.80</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(19.63</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.82</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on market price</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.66</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">25.34</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.00</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">49.41</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">19.18</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(34.53</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(18.04</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR>

   <TD colSpan=22>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Ratio to Average Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.72</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.56</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.60</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.63</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and before fees</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">paid indirectly<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.71</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.59</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.37</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.71</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.59</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.35</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly and</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">excluding interest expense and fees<SUP>5,7</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.53</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6,8</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.58</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>9</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.43</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.42</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.35</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.21</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.30</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.94</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.38</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.82</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.82</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dividends to AMPS Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.06</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.13</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.25</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.56</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.10</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income to Common Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.03</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.66</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.82</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.65</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4.72</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR>

   <TD colSpan=22>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Supplemental Data</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net assets applicable to Common Shareholders, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">31,613</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">30,579</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">26,574</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">28,038</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">24,023</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">21,799</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">28,560</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">AMPS outstanding at $25,000 liquidation preference, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16,325</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16,325</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16,325</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16,825</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16,825</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17,500</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">VRDP Shares outstanding at $100,000 liquidation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">preference, end of period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16,300</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Portfolio turnover</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">34</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">45</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">41</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">71,828</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">65,697</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">67,939</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">60,696</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">57,399</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">65,817</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">Asset coverage per VRDP at $100,000 liquidation value,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 6pt; text-align: left">end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">293,944</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Amount is less than $(0.01) per share.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, 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 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%, 1.89%, 1.89%, 7.09% and 6.53%, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Interest expense and fee relate to TOBs. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>8</SUP></TD><TD STYLE="width: 5pt"></TD><TD>For the six months ended October 31, 2012, the total expense ratio after fees waived
and paid indirectly and excluding interest expense, fees and remarketing fees was 1.49%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>9</SUP></TD><TD STYLE="width: 5pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees and remarketing fees was 1.52%</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>10</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Financial Highlights</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt; border-top: rgb(57,76,165) 4pt solid; color: rgb(57,76,135)"><B><FONT STYLE="color: #394C87">BlackRock</FONT></B> <B><FONT STYLE="color: #394C87">Strategic</FONT></B> <B><FONT STYLE="color: #394C87">Municipal</FONT></B> <B><FONT STYLE="color: #394C87">Trust (BSD)</FONT></B></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial">



<TR>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD rowSpan=2 colSpan=3 align=center><B>Six Months</B><BR><B>Ended</B><BR><B>October 31,</B><BR><B>2012</B><BR><B>(Unaudited)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=center><B><BR><BR>Year Ended April 30,</B></TD>

   <TD rowSpan=2 colSpan=3 align=center><B>Period</B><BR><B>January 1,</B><BR><B>2009</B> <B>to</B><BR><B>April 30,</B><BR><B>2009</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=center><B>Year Ended December 31,</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2012</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>

   <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Per Share Operating Performance</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, beginning of period</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.43</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12.27</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">13.00</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">10.95</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">9.90</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.03pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">14.27</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">15.64</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net investment income</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.43</TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.89 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.94 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.96 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">0.32 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.02 </TD>

   <TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.07</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net realized and unrealized gain (loss)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">0.77</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2.17</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(0.77</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1.96</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1.00</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">(4.32</TD>

   <TD STYLE="text-align: left">)</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">(1.10</TD>

   <TD STYLE="text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to AMPS Shareholders from net investment income</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.01</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.02</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.03</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.02</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.26</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.32</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net increase (decrease) from investment operations.</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.20</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">3.05</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.15</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2.89</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">1.30</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(3.56</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.35</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Dividends to Common Shareholders from net</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">investment income<SUP>8</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.44</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.89</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.88</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.84</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.25</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(0.81</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1.02</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net asset value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.43</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.27</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.00</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.95</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.03pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.90</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.27</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Market price, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">16.00</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.38</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">11.88</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12.95</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10.15</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.02pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.96</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=22>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT color=#394C87>2</FONT></SUP></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on net asset value</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.44</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">25.65</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">27.36</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">13.44</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(25.70</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(2.82</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Based on market price</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">14.62</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">29.32</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.65</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">36.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">27.11</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>3</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(37.17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(20.44</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD></TR>

<TR>

   <TD colSpan=22>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Total expenses<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.39</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.36</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.49</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.54</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.30</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and before fees paid</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">indirectly<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.39</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.36</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.48</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.14</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.87</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.39</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.36</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.48</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.13</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Total expenses after fees waived and paid indirectly and</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">excluding interest expense, fees and amortization of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">offering costs<SUP>4,6</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.18</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>7</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.28</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.40</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1.13</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income<SUP>4</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.75</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.64</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.38</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.91</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9.48</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.04</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Dividends to AMPS Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.07</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.22</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">0.49</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.02</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2.12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Net investment income to Common Shareholders</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.75</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.57</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.19</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">7.69</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">8.99</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%<SUP>5</SUP></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6.02</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">5.00</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR>

   <TD colSpan=22>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Supplemental Data</FONT></B></TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD>

   <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Net assets applicable to Common Shareholders, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">110,905</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">105,309</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">89,481</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">94,736</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">79,820</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">72,188</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">103,882</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">AMPS outstanding at $25,000 liquidation preference, end of</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">42,975</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">42,975</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">47,750</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">47,750</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">62,000</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">VMTP Shares outstanding at $100,000 liquidation value, end</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">of period (000)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.35pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">42,900</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">42,900</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Portfolio turnover</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">12</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">30</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">20</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">32</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">6</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">17</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">21</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per AMPS at $25,000 liquidation preference,</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">77,055</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">80,113</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">66,791</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.01pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">62,803</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">66,904</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">Asset coverage per VMTP Shares at $100,000 liquidation</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>

   <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.99pt; text-align: left">value, end of period</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-indent: 0.34pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">358,521</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">345,474</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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, 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 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%, 1.89%, 1.89%, 7.09% and 6.53%, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP
Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP
Shares, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 5pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.19%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>8</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Dividends are determined in accordance with federal income tax regulations.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">See Notes to Financial Statements.</P><!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_53"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT STYLE="color: #394C87">Notes
to Financial Statements <FONT STYLE="font-size: 10pt">(Unaudited)</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><B>1. Organization and Significant Accounting Policies:</B></P>

<P style="TEXT-ALIGN: left">BlackRock Investment Quality Municipal Trust Inc. (&ldquo;BKN&rdquo;) is organized as a Maryland corporation. BlackRock Long-Term Municipal Advantage Trust (&ldquo;BTA&rdquo;), BlackRock Municipal 2020 Term Trust
(&ldquo;BKK&rdquo;), BlackRock Municipal Income Trust (&ldquo;BFK&rdquo;), BlackRock Pennsylvania Strategic Municipal Trust (&ldquo;BPS&rdquo;) and BlackRock Strategic Municipal Trust (&ldquo;BSD&rdquo;) (collectively, together with BKN, the
&ldquo;Trusts&rdquo; or individually as the &ldquo;Trust&rdquo;) are organized as Delaware statutory trusts. BKN, BKK, BFK and BSD are registered under the 1940 Act, as amended (the &ldquo;1940 Act&rdquo;), as diversified, closed-end management
investment companies. BTA and BPS are registered under the 1940 Act as non-diversified, closed-end management investment companies. The Trusts&rsquo; financial statements are prepared in conformity with accounting principles generally accepted in the
United States of America (&ldquo;US GAAP&rdquo;), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in
net assets from operations during the reported period. Actual results could differ from those estimates. The Board of Directors and the Boards of Trustees of the Trusts are collectively referred to throughout this report as the &ldquo;Board of
Trustees&rdquo; or the &ldquo;Board&rdquo; and the directors/trustees thereof are collectively referred to throughout this report as &ldquo;Trustees&rdquo;. The Trusts determine, and make available for publication the NAVs of their Common Shares on a
daily basis.</P>

<P style="TEXT-ALIGN: left">The following is a summary of significant accounting policies followed by the Trusts:</P>

<P style="TEXT-ALIGN: left"><B>Valuation:</B> US GAAP defines fair value as the price the Trusts&rsquo; would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The
Trusts&rsquo; fair value their financial instruments at market value using independent dealers or pricing services under policies approved by each Trust&rsquo;s Board. The BlackRock Global Valuation Methodologies Committee (the &ldquo;Global Valuation
Committee&rdquo;) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Trusts for all financial instruments.</P>

<P style="TEXT-ALIGN: left">Municipal investments (including commitments to purchase such investments on a &ldquo;when-issued&rdquo; basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a
particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various
relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with
remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.</P>

<P style="TEXT-ALIGN: left">In the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment
will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (&ldquo;Fair Value Assets&rdquo;). When determining the price for Fair Value Assets, the Global Valuation
Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm&rsquo;s-length transaction. Fair value determinations shall be based upon all available factors that
the investment advisor and/or sub-advisor deems relevant consistent with the principles of fair value measurement which include the market approach, income approach and/or cost approach, as appropriate. A market approach generally consists of using
comparable market transactions. The income approach generally is used to discount future cash flows to present value and adjusted for liquidity as appropriate. These factors include but are not limited to (i) attributes specific to the investment or
asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v)
quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or
default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods
for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Trusts&rsquo; pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition
analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Value Assets is subsequently
reported to the Board or a committee thereof on a quarterly basis.</P>

<P style="TEXT-ALIGN: left"><B>Zero-Coupon Bonds: </B>The Trusts may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience
greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.</P>

<P style="TEXT-ALIGN: left"><B>Forward Commitments and When-Issued Delayed Delivery Securities: </B>The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such
transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the
securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, the Trusts are not entitled to any of the
interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the
counterparty, the Trusts&rsquo; maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions, which is shown in the Schedules of Investments.</P><!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_54"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (continued)</FONT></P>

<P style="TEXT-ALIGN: left"><B>Municipal Bonds Transferred to TOBs: </B>The Trusts leverage their assets through the use of TOBs. A TOB is a special purpose entity established by a third party sponsor, into which a fund, or an agent on behalf of a fund,
transfers municipal bonds into a trust (&ldquo;TOB Trust&rdquo;). Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which a Trust has contributed bonds. A TOB typically issues two classes of beneficial
interests: short-term floating rate certificates (&ldquo;TOB Trust Certificates&rdquo;), which are sold to third party investors, and residual certificates (&ldquo;TOB Residuals&rdquo;), which are generally issued to the participating funds that
contributed the municipal bonds to the TOB Trust. If multiple funds participate in the same TOB, the rights and obligations under the TOB Residual will be shared among the funds ratably in proportion to their participation.</P>

<P style="TEXT-ALIGN: left">The TOB Residuals held by a Trust include the right of a Trust: (i) to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates at par plus accrued interest upon the occurrence of
certain mandatory tender events defined in the TOB agreements, and (ii) to transfer, subject to a specified number of days&rsquo; prior notice, a corresponding share of the municipal bonds from the TOB to a Trust. The TOB may also be collapsed without
the consent of a Trust, as the TOB Residual holder, upon the occurrence of certain termination events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit
quality of the municipal bond, the inability of the TOB to obtain renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond and a judgment or ruling that interest on the municipal bond is subject to federal
income taxation. Upon the occurrence of a Termination Event, the TOB would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the
holders of the TOB Trust Certificates up to par plus accrued interest owed on the TOB Trust Certificates, with the balance paid out to the TOB Residual holder. During the six months ended October 31, 2012, no TOBs in which the Trusts participated were
terminated without the consent of the Trusts.</P>

<P style="TEXT-ALIGN: left">The cash received by the TOB from the sale of the TOB Trust Certificates, less transaction expenses, is paid to a Trust. The Trust typically invests the cash received in additional municipal bonds. Each Trust&rsquo;s transfer
of the municipal bonds to a TOB Trust is accounted for as a secured borrowing; therefore, the municipal bonds deposited into a TOB are presented in the Trusts&rsquo; Schedules of Investments and the TOB Trust Certificates are shown in other liabilities
in the Statements of Assets and Liabilities. The carrying amount of the Trust&rsquo;s payable to the holder of the TOB Trust Certificates, as reported in Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.</P>

<P style="TEXT-ALIGN: left">The Trusts may invest in TOBs on either a non-recourse or recourse basis. TOB Trusts are typically supported by a liquidity facility provided by a bank or other financial institution (the &ldquo;Liquidity Provider&rdquo;) that
allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to the occurrence of the termination events described above. When a
Trust invests in TOBs on a non-recourse basis, and the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event, the Liquidity Provider will typically liquidate all or a portion of the municipal securities
held in the TOB Trust and then fund, on a net basis, the balance, if any,) of the amount owed under the liquidity facility over the liquidation proceeds (the &ldquo;Liquidation Shortfall&rdquo;). If a Trust invests in a TOB on a recourse basis, the Trust
will typically enter into a reimbursement agreement with the Liquidity Provider where the Trust is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a Trust investing in a recourse TOB will bear the risk of
loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB, these losses will be shared ratably in proportion to their participation. The recourse TOB Trusts, if any, are identified in the Schedules of Investments.</P>


<P style="TEXT-ALIGN: left">Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by the Trusts on an accrual basis. Interest expense incurred on the secured borrowing and other
expenses related to remarketing, administration and trustee services to a TOB are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. The TOB Trust Certificates have interest rates that generally reset
weekly and their holders have the option to tender such certificates to the TOB for redemption at par at each reset date. At October 31, 2012, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for TOB Trust
Certificates and the range of interest rates on the liability for TOB Trust Certificates were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 50%; text-align: center"></TD>

   <TD STYLE="width: 5%; text-align: right"></TD>

   <TD STYLE="width: 11%; text-align: center"></TD>

   <TD STYLE="width: 5%; text-align: right"></TD>

   <TD STYLE="width: 11%; text-align: center"></TD>

   <TD STYLE="width: 18%; text-align: center"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: right; border-top: Black 1px solid"><B>Underlying<BR><B>Municipal <BR></B>Bonds</B><BR><B>Transferred</B><BR><B>to TOBs</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: right; border-top: Black 1px solid"><B>Liability for</B><BR><B>TOB Trust</B><BR><B>Certificates</B></TD>

   <TD STYLE="text-align: right; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Range of</B><BR><B>Interest Rates</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">41,510,118</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">22,053,381</TD>

   <TD STYLE="text-align: right">0.21% &#8212; 0.28%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">155,793,699</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">94,762,802</TD>

   <TD STYLE="text-align: right">0.20% &#8212; 0.51%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">5,998,350</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">3,750,000</TD>

   <TD STYLE="text-align: right">0.24%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">301,935,883</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">162,219,381</TD>

   <TD STYLE="text-align: right">0.20% &#8212; 0.51%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">12,438,211</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">5,864,261</TD>

   <TD STYLE="text-align: right">0.21% &#8212; 0.30%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">50,053,789</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">26,669,042</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.20% &#8212; 0.51%</TD>

   </TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">For the six months ended October 31, 2012, the Trusts&rsquo; average TOB Trust Certificates outstanding and the daily weighted average interest rate, including fees, were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 67%; text-align: center"></TD>

   <TD STYLE="width: 5%; text-align: center"></TD>

   <TD STYLE="width: 11%; text-align: center"></TD>

   <TD STYLE="width: 16%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: right; border-top: Black 1px solid"><B>Average TOB</B><BR><B>Trust Certificates</B><BR><B>Outstanding</B></TD>

   <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Daily Weighted</B><BR><B>Average</B><BR><B>Interest Rate</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-indent: 8.43pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">19,578,587</TD>

   <TD STYLE="text-align: right">0.74</TD>

   <TD STYLE="text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-indent: 8.43pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">95,080,558</TD>

   <TD STYLE="text-align: right">0.83</TD>

   <TD STYLE="text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-indent: 8.15pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">3,750,000</TD>

   <TD STYLE="text-align: right">0.56</TD>

   <TD STYLE="text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-indent: 8.25pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">159,521,584</TD>

   <TD STYLE="text-align: right">0.77</TD>

   <TD STYLE="text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-indent: 8.14pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">5,789,471</TD>

   <TD STYLE="text-align: right">0.73</TD>

   <TD STYLE="text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 8.43pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">26,232,355</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.76</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">%</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Should short-term interest rates rise, the Trusts&rsquo; investments in TOBs may adversely affect the Trusts&rsquo; net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of
municipal bonds deposited into the TOB Trust may adversely affect the Trusts&rsquo; NAVs per share.</P><!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_55"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (continued)</FONT></P>

<P style="TEXT-ALIGN: left"><B>Segregation and Collateralization: </B>In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (&ldquo;SEC&rdquo;) require that each Trust either deliver collateral or
segregate assets in connection with certain investments (e.g., TOBs, financial futures contracts), each Trust will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on their books and
records cash or liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, a
Trust engaging in such transactions may have requirements to deliver/deposit securities to/with an exchange or broker-dealer as collateral for certain investments.</P>

<P style="TEXT-ALIGN: left"><B>Investment Transactions and Investment Income: </B>For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual
basis.</P>

<P style="TEXT-ALIGN: left"><B>Dividends and Distributions: </B>Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. The character and timing of dividends and
distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 7.</P>

<P style="TEXT-ALIGN: left"><B>Income Taxes: </B>It is the Trusts&rsquo; policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies (&ldquo;RIC&rdquo;) and to distribute
substantially all of their taxable income to their shareholders. Therefore, no federal income tax provision is required.</P>

<P style="TEXT-ALIGN: left">Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts&rsquo; US federal tax returns remains open for each of the
three years ended April 30, 2012 and the period ended April 30, 2009. The statutes of limitations on each Trust&rsquo;s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there
are any uncertain tax positions that require recognition of a tax liability.</P>

<P style="TEXT-ALIGN: left"><B>Recent Accounting Standard: </B>In December 2011, the Financial Accounting Standards Board issued guidance that will expand current disclosure requirements on the offsetting of certain assets and liabilities. The new
disclosures will be required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the Statements of Assets and Liabilities and will require an entity to disclose both gross
and net information about such investments and transactions in the financial statements. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. Management
is evaluating the impact of this guidance on the Trust&rsquo;s financial statement disclosures.</P>

<P style="TEXT-ALIGN: left"><B>Deferred Compensation and BlackRock Closed-End Share Equivalent</B> <B>Investment Plan: </B>Under
the deferred compensation plan approved by each Trust&rsquo;s Board, independent Directors (&ldquo;Independent Directors&rdquo;)
may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent
dollar amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Directors.
This has approximately the same economic effect for the Independent Directors as if the Independent Directors had invested the
deferred amounts directly in certain other BlackRock Closed-End Funds.</P>

<P style="TEXT-ALIGN: left">The deferred compensation plan is not funded and obligations there-under represent general unsecured claims against the general assets of each Trust. Each Trust elected to invest in common shares of certain other BlackRock
Closed-End Funds selected by the Independent Directors in order to match its deferred compensation obligations.</P>

<P style="TEXT-ALIGN: left"><B>Offering Costs: </B>Certain Trusts incurred costs in connection with the issuance of VRDP Shares and/or VMTP Shares. For VRDP Shares, these costs were recorded as a deferred charge and will be amortized over the 30-year
life of the VRDP Shares with the exception of upfront fees paid to the liquidity provider which were amortized over the life of the liquidity agreement. For VMTP Shares, these costs were recorded as a deferred charge and will be amortized over the 3-year
life of the VMTP Shares. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statement of Operations.</P>

<P style="TEXT-ALIGN: left"><B>Other: </B>Expenses directly related to a Trust are charged to the Trust. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate
methods.</P>

<P style="TEXT-ALIGN: left">The Trusts have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The
custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.</P>

<P style="TEXT-ALIGN: left"><B>2. Derivative Financial Instruments:</B></P>

<P style="TEXT-ALIGN: left">The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to economically hedge, or protect, their exposure to certain risks such as interest rate
risk. These contracts may be transacted on an exchange.</P>

<P style="TEXT-ALIGN: left">Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk
related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.</P><!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_56"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (continued)</FONT></P>

<P style="TEXT-ALIGN: left"><B>Financial Futures Contracts: </B>The Trusts purchase or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest
rate risk Financial futures contracts are agreements between the Trusts and the counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract,
financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Pursuant to the contract, the Trusts agree to receive from or
pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Trusts as unrealized appreciation or depreciation. When the contract is closed,
the Trusts record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in
the movements in the price of financial futures contracts, interest rates and the underlying assets.</P>

<P style="TEXT-ALIGN: left"><B>Derivative Financial Instruments Categorized by Risk Exposure:</B></P>

<P STYLE="text-align: center; margin-bottom: 0pt; border-top: Black 1px solid"><B>The Effect of Derivative Financial Instruments in the Statements of Operations <BR>Six Months Ended October 31, 2012</B></P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 36%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: center"></TD>

   <TD STYLE="width: 0%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 8%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;&nbsp;</TD>

   <TD COLSPAN="16" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Net Realized Loss From</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BKN</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BTA</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BFK</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BPS</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.951pt" colSpan=2 align=center><B>BSD</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Interest rate contracts:</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-left: 6pt">Financial futures contracts</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,142,288</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(109,262</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,272,968</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(106,652</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">(373,476</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>

<TR>

   <TD colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>

   <TD COLSPAN="16" STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid"><B>Net Change in Unrealized Appreciation/Depreciation on</B> <B></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BKN</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BTA</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BFK</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B>BPS</B></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.947pt" colSpan=2 align=left><B>BSD</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Interest rate contracts:</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-left: 6pt">Financial futures contracts</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">565,164</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">63,068</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">926,003</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">32,448</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.24pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">152,019</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">For the six months ended October 31, 2012, the average quarterly balances of outstanding derivative financial instruments were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: center"></TD>

   <TD STYLE="width: 12%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: center"></TD>

   <TD STYLE="width: 12%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: right"></TD>

   <TD STYLE="width: 12%; text-align: center"></TD>

   <TD STYLE="width: 3%; text-align: right"></TD>

   <TD STYLE="width: 12%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BKN</B></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BFK</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-indent: 5.96pt; text-align: center; border-top: Black 1px solid"><B>BPS</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BSD</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">Financial futures</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 4.15pt; text-align: left">contracts:</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Average number</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left">of contracts sold</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">146</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">376</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">22</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">62<SUP>1</SUP></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 5.98pt; text-align: left">Average notional value</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 12pt; text-align: left; border-bottom: Black 1px solid">of contracts sold</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">19,383,504</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">49,919,161</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">2,920,802</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">8,231,351<SUP>1</SUP></TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Average contract amount shown due to limited activity.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left"><B>3. Investment Advisory Agreement and Other Transactions with Affiliates:</B></P>

<P style="TEXT-ALIGN: left">The PNC Financial Services Group, Inc. (&ldquo;PNC&rdquo;) is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock, Inc. (&ldquo;BlackRock&rdquo;).</P>

<P style="TEXT-ALIGN: left">Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the &ldquo;Manager&rdquo;), the Trusts&rsquo; investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment
advisory and administration services. The Manager is responsible for the management of each Trust&rsquo;s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such
services, each Trust pays the Manager a monthly fee based on a percentage of each Trust&rsquo;s average weekly net assets at the following annual rates:</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="45%"></TD>

   <TD width="48%"></TD>

   <TD width="5%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1px solid">BKN</TD>

   <TD STYLE="text-align: right; border-top: Black 1px solid">0.35</TD>

   <TD STYLE="text-align: left; border-top: Black 1px solid">%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>BTA</TD>

   <TD align=right>1.00</TD>

   <TD align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>BKK</TD>

   <TD align=right>0.50</TD>

   <TD align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>BFK</TD>

   <TD align=right>0.60</TD>

   <TD align=left>%</TD></TR>

<TR vAlign=bottom>

   <TD align=left>BPS</TD>

   <TD align=right>0.60</TD>

   <TD align=left>%</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>0.60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>%</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Average weekly net assets for all of the Trusts, except BTA, is the average daily value of each Trust&rsquo;s total assets minus the sum of its accrued liabilities. For BTA, average weekly net assets is the average weekly
value of the Trust&rsquo;s total assets minus the sum of its total liabilities.</P>

<P style="TEXT-ALIGN: left">The Manager voluntarily agreed to waive a portion of the investment advisory fees or other expenses as a percentage of its average daily net assets as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 60%; text-align: center"></TD>

   <TD STYLE="width: 20%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 5%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Through</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Rate</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-align: center">January 31, 2013</TD>

   <TD STYLE="text-align: right">0.20</TD>

   <TD STYLE="text-align: left">%</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">January 31, 2014</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.10</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">%</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">For the six months ended October 31, 2012, the Manager waived the following amounts, which are included in fees waived by advisor in the Statements of Operations:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 90%"></TD>


   <TD STYLE="width: 10%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">BTA</TD>


   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center">$169,402</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds. However, the
Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Trust&rsquo;s investment in other affiliated investment companies, if any. These amounts are included in fees waived by Manager in
the Statements of Operations. For the six months ended October 31, 2012, the amounts waived were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 90%"></TD>

   <TD STYLE="width: 1%"></TD>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1px solid">BKN</TD>

   <TD STYLE="text-indent: 0pt; text-align: left; border-top: Black 1px solid">$</TD>

   <TD STYLE="text-align: right; border-top: Black 1px solid">876</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">360</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">862</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">2,401</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-align: left">$</TD>

   <TD STYLE="text-align: right">720</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">626</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P><!-- Field: Page; Sequence: 57 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_57"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (continued)</FONT></P>

<P style="TEXT-ALIGN: left">The Manager entered into a sub-advisory agreement with BlackRock Financial Management, Inc. (&ldquo;BFM&rdquo;), an affiliate of the Manager. The Manager pays BFM, for services it provides, a monthly fee that is a percentage
of the investment advisory fees paid by each Trust to the Manager.</P>

<P style="TEXT-ALIGN: left">BKN has an Administration Agreement with the Manager. The Administration fee paid to the manager is computed at an annual rate of 0.15% of the Trust&rsquo;s average weekly net assets.</P>

<P style="TEXT-ALIGN: left">Certain officers and/or Trustees of the Trusts are officers and/or directors of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts&rsquo; Chief Compliance
officer.</P>

<P style="TEXT-ALIGN: left"><B>4. Investments:</B></P>

<P style="TEXT-ALIGN: left">Purchases and sales of investments excluding short-term securities for the six months ended October 31, 2012, were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 60%"></TD>

   <TD STYLE="width: 3%; text-align: right"></TD>

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

   <TD STYLE="width: 7%"></TD>

   <TD STYLE="width: 12%; text-align: right"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: right; border-top: Black 1px solid"><B>Purchases</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Sales</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">96,242,924</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">93,538,373</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">23,634,624</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">29,008,409</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">44,463,878</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">58,892,925</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">103,831,145</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">85,198,083</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="text-align: right">5,391,057</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">4,012,849</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">20,502,351</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">22,186,322</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B>5. Income Tax Information:</B></P>

<P style="TEXT-ALIGN: left">As of April 30, 2012, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial">



<TR>

   <TD STYLE="width: 20%; text-align: center"></TD>

   <TD STYLE="width: 1%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 4%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 4%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 4%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 4%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 4%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-indent: 0.03pt; text-align: left; border-top: Black 1px solid"><B>Expires April 30,</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BKN</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BTA</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BKK</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BFK</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BPS</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BSD</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.03pt; text-align: left">2013</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">59,917</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">583,227</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.02pt; text-align: left">2014</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">701,315</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">4,991,959</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">2015</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">606,017</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">2016</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">3,766,405</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">22,052,642</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">302,549</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">10,207,532</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">127,957</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">251,883</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.01pt; text-align: left">2017</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">4,506,796</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">6,882,935</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,065,704</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">929,529</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,028,776</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0pt; text-align: left">2018</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">1,174,679</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">4,821,726</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">471,188</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">2,455,638</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">586,549</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,381,683</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">2019</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">951,237</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">1,090,371</TD>

   <TD STYLE="text-align: right">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">&#8212;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">2,978,126</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">No expiration date<SUP>1</SUP></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">5,805,994</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">4,089,271</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">326,532</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&#8212;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 0.03pt; text-align: left"><B>Total</B></TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">9,447,880</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">41,215,849</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">1,864,108</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">24,416,121</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">2,030,484</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">10,223,695</TD></TR></TABLE></DIV>

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

<P STYLE="text-align: left; font-size: 8pt"><SUP>1 </SUP>Must be utilized prior to losses subject to expiration.</P>

<P style="TEXT-ALIGN: left">As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial">



<TR>

   <TD STYLE="width: 19%; padding-right: 3pt"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 10%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 3%"></TD>

   <TD STYLE="width: 10%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 3%"></TD>

   <TD STYLE="width: 10%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 3%"></TD>

   <TD STYLE="width: 10%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 3%"></TD>

   <TD STYLE="width: 10%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 3%"></TD>

   <TD STYLE="width: 10%"></TD>

   <TD STYLE="width: 1%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid; padding-right: 3pt">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BKN</B></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BTA</B></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BKK</B></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BFK</B></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BPS</B></TD>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>BSD</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-right: 3pt">Tax cost</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">365,876,672</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">176,709,188</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">476,827,056</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">860,009,601</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">42,920,643</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">137,282,362</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 6pt; text-indent: -6pt; padding-right: 3pt">Gross unrealized appreciation</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">43,856,180</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">22,830,316</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">35,782,813</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">103,133,635</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">4,519,329</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right">$</TD>

   <TD STYLE="text-align: right">17,471,185</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 6pt; text-indent: -6pt; padding-right: 3pt">Gross unrealized depreciation</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(2,641,039</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(28,881,020</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(6,328,616</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(12,324,360</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(82,047</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">(1,753,589</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">)</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 6pt; text-indent: -6pt; padding-right: 3pt">Net unrealized appreciation/depreciation</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">41,215,141</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">(6,050,704</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">29,454,197</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">90,809,275</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">4,437,282</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">$</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: right">15,717,596</TD>

   <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B>6. Concentration, Market and Credit Risk:</B></P>

<P style="TEXT-ALIGN: left">The Trusts invest a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.</P>

<P style="TEXT-ALIGN: left">Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such
insurance, and there is no guarantee that the insurer will meet its obligation.</P>

<P style="TEXT-ALIGN: left">The Trusts may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trusts reinvest the proceeds received, such investments may be in
securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Trust.</P>

<P style="TEXT-ALIGN: left">In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations
(issuer credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market
changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Trusts may be exposed to counterparty credit risk, or the risk that an entity with
which the Trusts have unsettled or open transactions may fail to or be unable to perform on its commitments. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources
to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and
receivables due from counterparties. The extent of the Trusts&rsquo; exposure to market, issuer and</P><!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name="page_58"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (continued)</FONT></P>

<P style="TEXT-ALIGN: left">counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.</P>

<P style="TEXT-ALIGN: left">As of October 31, 2012, BKN, BPS and BSD invested a significant portion of their assets in securities in the health sector. BFK and BSD invested a significant portion of their assets in securities in the transportation sector.
Changes in economic conditions affecting the health or transportation sector would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.</P>

<P style="TEXT-ALIGN: left"><B>7. Capital Share Transactions:</B></P>

<P style="TEXT-ALIGN: left">BKK, BFK, BPS and BSD are authorized to issue an unlimited number of shares, including Preferred Shares, par value $0.001 per share, all of which were initially classified as Common Shares. BKN is authorized to issue 200
million shares including Preferred Shares, all of which were initially classified as Common Shares, par value $0.01 per share. BTA is authorized to issue an unlimited number of Common Shares, par value $0.001 per share. BTA is also allowed to issue
Preferred Shares but has not done so. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without approval of Common Shareholders.</P>

<P style="TEXT-ALIGN: left"><B>Common Shares</B></P>

<P style="TEXT-ALIGN: left">For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 60%; text-align: center"></TD>

   <TD STYLE="width: 20%; text-align: center"></TD>

   <TD STYLE="width: 20%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Six Months Ended</B><BR><B>October 31, 2012</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Year Ended</B><BR><B>April 30, 2012</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">22,934</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">58,712</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">18,332</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">21,299</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">51,903</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">124,471</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">2,011</TD>

   <TD STYLE="text-align: right; padding-right: 35pt">2,190</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 35pt">1,884</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 35pt">4,390</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Shares issued and outstanding remained constant for BKK for the six months ended October 31, 2012 and the year ended April 30, 2012.</P>

<P style="TEXT-ALIGN: left"><B>Preferred Shares</B></P>

<P style="TEXT-ALIGN: left">Each Trust&rsquo;s Preferred Shares rank prior to the Trust&rsquo;s Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of the Trust. The 1940 Act prohibits the
declaration of any dividend on the Trust&rsquo;s Common Shares or the repurchase of the Trust&rsquo;s Common Shares if the Trust fails to maintain the asset coverage of at least 200% of the liquidation preference of the outstanding Preferred Shares. In
addition, pursuant to the Preferred Shares&rsquo; governing instrument, the Trust is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the Preferred Shares or repurchasing such shares if the Trust
fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares governing instrument or comply with the basic maintenance amount requirement of the rating agencies then rating the
Preferred Shares.</P>

<P style="TEXT-ALIGN: left">The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of
Preferred Shares, voting as a separate class, are also entitled to elect two Directors for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority
of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust&rsquo;s sub-classification as a closed-end investment company
or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.</P>

<P style="TEXT-ALIGN: left"><B>VRDP Shares</B></P>

<P style="TEXT-ALIGN: left">BPS has issued Series W-7 VRDP Shares, $100,000 liquidation value per share, in a privately negotiated offering. The VRDP Shares were offered to qualified institutional buyers as defined pursuant to Rule 144A under the
Securities Act of 1933, as amended, (the &ldquo;Securities Act&rdquo;) and include a liquidity feature, pursuant to a liquidity agreement, that allows the holders of VRDP Shares to have their shares purchased by the liquidity provider in the event of a
failed remarketing. BPS is required to redeem the VRDP Shares owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Upon the occurrence of the first unsuccessful remarketing, BPS is required to segregate liquid assets
to fund the redemption. The VRDP Shares are subject to certain restrictions on transfer.</P>

<P style="TEXT-ALIGN: left">The VRDP Shares issued for the six months ended October 31, 2012 were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>


   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Issue Date</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares</B><BR><B>Issued</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Aggregate</B><BR><B>Principal</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Maturity</B><BR><B>Date</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BPS</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">6/14/12</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">163</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">16,300,000</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">7/01/42</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">BPS entered into a fee agreement with the liquidity provider that may require an initial commitment and a per annum liquidity fee payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the
Statements of Operations.</P>

<P style="TEXT-ALIGN: left">The fee agreement between the BPS and the liquidity provider is for a 364 day term and is scheduled to expire on June 13, 2013 unless renewed or terminated in advance. In the event the fee agreement is not renewed or is
terminated in advance, and BPS does not enter into a fee agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the fee agreement. BPS is required to
redeem any VRDP Shares purchased by the liquidity provider six months after the purchase date. Immediately after the purchase of any VRDP Shares by the liquidity provider, BPS is required to begin to segregate liquid assets with the Trust&rsquo;s
custodian to fund the redemption. There is no assurance BPS will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.</P>

<P style="TEXT-ALIGN: left">BPS is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, BPS is required to begin to segregate liquid assets with the
Trust&rsquo;s</P><!-- Field: Page; Sequence: 59 -->
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<A name="page_59"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (continued)</FONT></P>

<P style="TEXT-ALIGN: left">custodian to fund the redemption. In addition, BPS is required to redeem certain of its outstanding VRDP Shares if it fails to maintain certain asset coverage, basic maintenance amount or leverage requirements.</P>

<P style="TEXT-ALIGN: left">Subject to certain conditions, the VRDP Shares may be redeemed, in whole or in part, at any time at the option of BPS. The redemption price per VRDP Share is equal to the liquidation value per share plus any outstanding unpaid
dividends. In the event of an optional redemption of the VRDP Shares prior to the initial termination date of the fee agreement, BPS must pay the liquidity provider fees on such redeemed VRDP Shares for the remaining term of the fee agreement up to the
initial termination date.</P>

<P style="TEXT-ALIGN: left">Dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. In the event of
a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP
Shares fail to be remarketed. At the date of issuance, the VRDP Shares were assigned a long-term rating of Aaa from Moody&rsquo;s and AAA from Fitch. In May 2012, Moody&rsquo;s completed a review of its methodology for rating securities issued by
registered closed-end funds. As of October 31, 2012, the VRDP Shares were assigned a long-term rating of Aa1 from Moody&rsquo;s under its new ratings methodology. The VRDP Shares continue to be assigned a long-term rating of AAA from Fitch.</P>

<P style="TEXT-ALIGN: left">For financial reporting purposes, the VRDP Shares are considered debt of the issuer; therefore, the liquidation value, which approximates fair value, of the VRDP Shares is recorded as a liability in the Statements of Assets
and Liabilities. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP Shares are included as a component of interest expense, fees and amortization
of offering costs in the Statements of Operations. The VRDP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP Shares are generally classified as tax-exempt income for tax-reporting purposes.</P>

<P style="TEXT-ALIGN: left">BPS may incur remarketing fees of 0.10% on the aggregate principal amount of all the VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. All of BPS&rsquo;s VRDP
Shares that were tendered for remarketing during the six months ended October 31, 2012 were successfully remarketed.</P>

<P style="TEXT-ALIGN: left">The annualized dividend rates for the VRDP Shares for the six months ended October 31, 2012 were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 90%"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Rate</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BPS</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1.12%</TD>

   </TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Upon issuance of the VRDP Shares on June 14, 2012, BPS announced a special rate period for an approximate three-year term ending June 24, 2015 with respect to its VRDP Shares. The liquidity and fee agreements remain in effect
for the duration of the special rate period; however, the VRDP Shares will not be remarketed or subject to optional or mandatory tender events during such time. During the special rate period, BPS is required to maintain the same asset coverage, basic
maintenance amount and leverage requirements for the VRDP Shares. During the three-year term of the special rate period, BPS will not pay any liquidity and remarketing fees and instead will pay dividends monthly based on the sum of SIFMA Municipal Swap
Index and a percentage per annum based on the long-term ratings assigned to the VRDP Shares.</P>

<P style="TEXT-ALIGN: left">If BPS redeems the VRDP Shares on a date that is one year or more before the end of the special rate period and the VRDP Shares are rated above A1/A by Moody&rsquo;s and Fitch respectively, then such redemption is subject to a
redemption premium payable to the holder of the VRDP Shares based on the time remaining in the special rate period, subject to certain exceptions for redemptions that are required to maintain minimum asset coverage requirements. After June 24, 2015, the
holder of the VRDP Shares and BPS may mutually agree to extend the special rate period. If the special rate period is not extended, the VRDP Shares will revert back to remarketable securities and will be remarketed and available for purchase by qualified
institutional investors. The VRDP Shares are subject to certain transfer restrictions during the special rate period. No short-term ratings were assigned by Moody&rsquo;s, Fitch and/or S&amp;P at issuance but will be assigned upon termination of the
special rate period when the VRDP Shares revert to remarketable securities.</P>

<P style="TEXT-ALIGN: left">During the six months ended October 31, 2012, BPS issued 163 VRDP Shares.</P>

<P style="TEXT-ALIGN: left"><B>VMTP Shares</B></P>

<P style="TEXT-ALIGN: left">BKN, BFK and BSD (collectively, the &ldquo;VMTP Trusts&rdquo;), have issued Series W-7 VMTP Shares, $100,000 liquidation value per share, in a privately negotiated offering and sale of VMTP Shares exempt from registration
under the Securities Act.</P>

<P style="TEXT-ALIGN: left">The VMTP Shares outstanding for the six months ended October 31, 2012 were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>


   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Issue Date</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares</B><BR><B>Issued</B></TD>

   <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; text-align: center"><B>Aggregate</B><BR><B>Principal</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Term Date</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-align: center">12/16/11</TD>

   <TD STYLE="text-align: center">1,259</TD>


   <TD STYLE="text-align: center">$125,900,000</TD>

   <TD STYLE="text-align: center">1/02/15</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: center">12/16/11</TD>

   <TD STYLE="text-align: center">2,708</TD>


   <TD STYLE="text-align: center">$270,800,000</TD>

   <TD STYLE="text-align: center">1/02/15</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">12/16/11</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;429</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$&nbsp;&nbsp;42,900,000</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1/02/15</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Each VMTP Trust is required to redeem its VMTP Shares on the term date, unless earlier redeemed or repurchased or unless extended. There is no assurance that the term of the Trusts&rsquo; VMTP Shares will be extended or that a
Trusts&rsquo; VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to term date, each VMTP Trust is required to begin to segregate liquid assets with
the Trusts&rsquo; custodian to fund the redemption. In addition, each VMTP Trust is required to redeem certain of its outstanding VMTP Shares if it fails to maintain certain asset coverage, basic maintenance amount or leverage requirements.</P>

<P style="TEXT-ALIGN: left">Subject to certain conditions, each VMTP Trust&rsquo;s VMTP Shares may be redeemed, in whole or in part, at any time at the option of the Trust. The redemption price per VMTP Share is equal to the liquidation value per share
plus any outstanding unpaid dividends and applicable redemption</P><!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_60"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (continued)</FONT></P>

<P style="TEXT-ALIGN: left">premium. If the Trusts redeem the VMTP Shares on a date that is one year or more prior to the term date and the VMTP Shares are rated above A1/A+ by Moody&rsquo;s and Fitch, respectively, then such redemption is subject to a
prescribed redemption premium payable to the holder of the VMTP Shares based on the time remaining to the term date, subject to certain exceptions for redemptions that are required to maintain minimum asset coverage requirements. The VMTP Shares are
subject to certain restrictions on transfer, and the Trust may also be required to register the VMTP Shares for sale under the Securities Act under certain circumstances. In addition, amendments to the VMTP governing document generally require the
consent of the holders of VMTP Shares.</P>

<P style="TEXT-ALIGN: left">Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). The fixed
spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by Moody&rsquo;s and Fitch. At the date of issuance, the VMTP Shares were assigned long-term ratings of Aaa from Moody&rsquo;s and AAA from Fitch. In May 2012,
Moody&rsquo;s completed a review of its methodology for rating securities issued by registered closed-end funds. As of October 31, 2012, the VMTP Shares were assigned a long-term rating of Aa1 from Moody&rsquo;s under its new rating methodology and AAA
from Fitch. The dividend rate on the VMTP Shares is subject to a step-up spread if the Trust fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and maintaining
certain asset coverage and leverage requirements.</P>

<P style="TEXT-ALIGN: left">The average annualized dividend rates for the VMTP Shares for the six months ended October 31, 2012 were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 90%"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Rate</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-align: center">1.18%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: center">1.18%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1.18%</TD>

   </TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">For financial reporting purposes, the VMTP Shares are considered debt of the issuer; therefore the liquidation value, which approximates fair value, of the VMTP Shares is recorded as a liability in the Statements of Assets and
Liabilities. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VMTP Shares are included as a component of interest expense, fees and amortization of
offering costs in the Statements of Operations. The VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes.</P>

<P style="TEXT-ALIGN: left">VMTP Shares issued and outstanding for BKN, BFK and BSD remained constant for the six months ended October 31, 2012. During the year ended April 30, 2012, the VMTP Shares issued were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 85%"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B>Shares Issued</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-align: center">1,259</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: center">2,708</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&nbsp;429</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B>AMPS</B></P>

<P style="TEXT-ALIGN: left">The AMPS are redeemable at the option of BKK in whole or in part, on any dividend payment date at their liquidation preference per share plus any accumulated and unpaid dividends whether or not declared. The AMPS are also
subject to mandatory redemption at their liquidation preference plus any accumulated and unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of BKK, as set forth in each
Trust&rsquo;s Statement of Preferences (the &ldquo;Governing Instrument&rdquo;) are not satisfied. For financial reporting purposes, the liquidation preference of AMPS approximates BKK&rsquo;s fair valuation of the AMPS.</P>

<P style="TEXT-ALIGN: left">From time to time in the future, BKK may effect repurchases of its AMPS at prices below their liquidation preference as agreed upon by the Trust and seller. BKK also may redeem its AMPS from time to time as provided in the
applicable Governing Instrument. BKK intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.</P>

<P style="TEXT-ALIGN: left">BKK had the following series of AMPS outstanding, effective yields and reset frequency as of October 31, 2012:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>


   <TD STYLE="width: 15%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center"><B>Series</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-indent: 0.08pt; border-top: Black 1px solid; text-align: center"><B>AMPS</B></TD>

   <TD STYLE="border-top: Black 1px solid; text-align: center; border-bottom: Black 1px solid"><B>Effective</B><BR><B>Yield</B></TD>

   <TD STYLE="border-top: Black 1px solid; text-align: center; border-bottom: Black 1px solid"><B>Reset</B><BR><B>Frequency</B><BR><B>Days</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-align: center">M-7</TD>

   <TD STYLE="text-align: center">2,318</TD>

   <TD STYLE="text-align: center">0.32%</TD>


   <TD STYLE="text-align: center; text-align: center">7</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center">W-7</TD>

   <TD STYLE="text-align: center">2,318</TD>

   <TD STYLE="text-align: center">0.32%</TD>


   <TD STYLE="text-align: center; text-align: center">7</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">F-7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">2,318</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.32%</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center; text-align: center">7</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Dividends on seven-day and 28-day AMPS are cumulative at a rate, which is reset every seven or 28 days, respectively, based on the results of an auction. If the AMPS fail to clear the auction on an auction date, BKK is
required to pay the maximum applicable rate on the AMPS to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on the AMPS is footnoted in the table below. The low,
high and average dividend rates on the AMPS for BKK and BPS for the period were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>


   <TD STYLE="width: 15%; text-align: center"></TD>


   <TD STYLE="width: 15%; text-align: center"></TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center"><B>Series</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center"><B>Low</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center"><B>High</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid; text-align: center"><B>Average</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-align: center">M-7</TD>

   <TD STYLE="text-align: center">0.23%</TD>


   <TD STYLE="text-align: center">0.38%</TD>


   <TD STYLE="text-align: center">0.28%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center">W-7</TD>

   <TD STYLE="text-align: center">0.23%</TD>


   <TD STYLE="text-align: center">0.38%</TD>


   <TD STYLE="text-align: center">0.28%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">F-7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.23%</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.38%</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.28%</TD>

   </TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BPS</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">W-7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.24%</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.38%</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.32%</TD>

   </TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Since February 13, 2008, the AMPS of BKK failed to clear any of its auctions. As a result, the AMPS dividend rates were reset to the maximum applicable rate, which ranged from 0.23% to 0.38% for the six months ended October
31, 2012. A failed auction is not an event of default for the Trust but it has a negative impact on the liquidity of AMPS. A failed auction occurs when there are more sellers of the Trust&rsquo;s AMPS than buyers. A successful auction for the
Trusts&rsquo; AMPS may not occur for some time, if ever, and even if liquidity does resume, holders of AMPS may not have the ability to sell the AMPS at their liquidation preference.</P><!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_61"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Notes to Financial Statements (concluded)</FONT></P>

<P style="TEXT-ALIGN: left">BKK and BPS paid commissions of 0.15% on the aggregate principal amount of all shares that fail to clear their auctions and 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Certain
broker dealers have individually agreed to reduce commissions for failed auctions. The commissions paid to these broker dealers are included in remarketing fees on Preferred Shares in the Statements of Operations.</P>

<P style="TEXT-ALIGN: left">During the six months ended October 31, 2012, BPS announced the following redemptions of AMPS at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>


   <TD STYLE="width: 15%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Series</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Redemption</B><BR><B>Date</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares</B><BR><B>Redeemed</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Aggregate</B><BR><B>Principal</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BPS</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">W-7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">7/05/12</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">653</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$16,325,000</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">During the year ended April 30, 2012, BKN, BFK, and BSD announced the following redemptions of AMPS at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 40%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>

   <TD STYLE="width: 15%; text-align: center"></TD>


   <TD STYLE="width: 15%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Series</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Redemption</B><BR><B>Date</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares</B><BR><B>Redeemed</B></TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Aggregate</B><BR><B>Principal</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-align: center">T-7</TD>

   <TD STYLE="text-align: center">1/11/12</TD>

   <TD STYLE="text-align: center">2,804</TD>


   <TD STYLE="text-align: center">$70,100,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">T-28</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1/18/12</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">2,234</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$55,850,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: center">M-7</TD>

   <TD STYLE="text-align: center">1/10/12</TD>

   <TD STYLE="text-align: center">2,167</TD>


   <TD STYLE="text-align: center">$54,175,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center">T-7</TD>

   <TD STYLE="text-align: center">1/11/12</TD>

   <TD STYLE="text-align: center">2,167</TD>


   <TD STYLE="text-align: center">$54,175,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center">W-7</TD>

   <TD STYLE="text-align: center">1/12/12</TD>

   <TD STYLE="text-align: center">2,167</TD>


   <TD STYLE="text-align: center">$54,175,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center">R-7</TD>

   <TD STYLE="text-align: center">1/13/12</TD>

   <TD STYLE="text-align: center">2,167</TD>


   <TD STYLE="text-align: center">$54,175,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">F-7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1/09/12</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">2,167</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$54,175,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">W-7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1/12/12</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1,719</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$42,975,000</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">AMPS issued and outstanding remained constant for BKK for the six months ended October 31, 2012 and for BKK and BPS for the year ended April 30, 2012.</P>

<P style="TEXT-ALIGN: left">The Trusts financed the AMPS redemptions with proceeds received from the issuance of VRDP Shares and VMTP Shares as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 89%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 10%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1px solid">BKN</TD>

   <TD STYLE="text-indent: 0pt; text-align: left; border-top: Black 1px solid">$</TD>

   <TD STYLE="text-align: right; border-top: Black 1px solid">125,900,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="text-align: right">270,800,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-align: left">$</TD>

   <TD STYLE="text-align: right">16,300,000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right">42,900,000</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B>8. Subsequent Events:</B></P>

<P style="TEXT-ALIGN: left">Management&rsquo;s evaluation of the impact of all subsequent events on the Trusts&rsquo; financial statements was completed through the date the financial statements were issued and the following items were noted:</P>

<P style="TEXT-ALIGN: left">The Trusts paid a net investment income dividend on December 3, 2012 to Common Shareholders of record on November 15, 2012 as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 88%; text-align: center"></TD>


   <TD STYLE="width: 12%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Common</B><BR><B>Dividend</B><BR><B>Per Share</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>


   <TD STYLE="text-align: center">$0.08000</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>


   <TD STYLE="text-align: center">$0.06200</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>


   <TD STYLE="text-align: center">$0.06225</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>


   <TD STYLE="text-align: center">$0.08010</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>


   <TD STYLE="text-align: center">$0.07100</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>


   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$0.07400</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left">Additionally, the Trusts declared a net investment income dividend on December 4, 2012 payable to Common Shareholders of record on December 14, 2012 in the same amounts as above.</P>

<P style="TEXT-ALIGN: left">The dividends declared on AMPS, VRDP or VMTP Shares for the period November 1, 2012 to November 30, 2012 were as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial">



<TR>

   <TD STYLE="width: 55%; text-align: center"></TD>

   <TD STYLE="width: 20%; text-align: center"></TD>

   <TD STYLE="width: 11%; text-align: center"></TD>

   <TD STYLE="width: 14%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Series</B></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>AMPS/VRDP/VMTP</B><BR><B>Dividends Declared</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN VMTP Shares</TD>

   <TD STYLE="text-align: center">W-7</TD>

   <TD STYLE="text-indent: 15.01pt; text-align: right">$</TD>

   <TD STYLE="text-align: right; padding-right: 40pt">123,320</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-align: center">M-7</TD>

   <TD STYLE="text-indent: 15.01pt; text-align: right">$</TD>

   <TD STYLE="text-align: right; padding-right: 40pt">13,862</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center">W-7</TD>

   <TD STYLE="text-indent: 15.01pt; text-align: right">$</TD>

   <TD STYLE="text-align: right; padding-right: 40pt">17,107</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center">F-7</TD>

   <TD STYLE="text-indent: 15.01pt; text-align: right">$</TD>

   <TD STYLE="text-align: right; padding-right: 40pt">13,885</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK VMTP Shares</TD>

   <TD STYLE="text-align: center">W-7</TD>

   <TD STYLE="text-indent: 15.01pt; text-align: right">$</TD>

   <TD STYLE="text-align: right; padding-right: 40pt">265,320</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS VRDP Shares</TD>

   <TD STYLE="text-align: center">W-7</TD>

   <TD STYLE="text-indent: 15pt; text-align: right">$</TD>

   <TD STYLE="text-align: right; padding-right: 40pt">16,287</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD VMTP Shares</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: center">W-7</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 15.01pt; text-align: right">$</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 40pt">42,021</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P><!-- Field: Page; Sequence: 62 -->
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<A name="page_62"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements</FONT></P>

<P style="TEXT-ALIGN: left">The Board of Directors and the Board of Trustees, as the case may be, (each, a &ldquo;Board,&rdquo; collectively, the &ldquo;Boards,&rdquo; and the members of which are referred to as &ldquo;Board Members&rdquo;) of BlackRock
Investment Quality Municipal Trust Inc. (&ldquo;BKN&rdquo;), BlackRock Long-Term Municipal Advantage Trust (&ldquo;BTA&rdquo;), BlackRock Municipal 2020 Term Trust (&ldquo;BKK&rdquo;), BlackRock Municipal Income Trust (&ldquo;BFK&rdquo;), BlackRock
Pennsylvania Strategic Municipal Trust (&ldquo;BPS&rdquo;), BlackRock Strategic Municipal Trust (&ldquo;BSD&rdquo; and together with BKN, BTA, BKK, BFK and BPS, each a &ldquo;Fund,&rdquo; and, collectively, the &ldquo;Funds&rdquo;) met on April 26, 2012
and May 22-23, 2012 to consider the approval of each Fund&rsquo;s investment advisory agreement (each, an &ldquo;Advisory Agreement&rdquo;) with BlackRock Advisors, LLC (the &ldquo;Manager&rdquo;), each Fund&rsquo;s investment advisor. The Board of each
Fund also considered the approval of the sub-advisory agreement (each, a &ldquo;Sub-Advisory Agreement&rdquo;) among the Manager, BlackRock Financial Management, Inc. (the &ldquo;Sub-Advisor&rdquo;), and such Fund. The Manager and the Sub-Advisor are
referred to herein as &ldquo;BlackRock.&rdquo; The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the &ldquo;Agreements.&rdquo;</P>

<P style="TEXT-ALIGN: left"><B>Activities and Composition of the Board</B></P>

<P style="TEXT-ALIGN: left">Each Board consists of eleven individuals, nine of whom are not &ldquo;interested persons&rdquo; of such Fund as defined in the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) (the &ldquo;Independent Board
Members&rdquo;). The Board Members are responsible for the oversight of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent
legal counsel to assist them in connection with their duties. The Chairman of the Board is an Independent Board Member. Each Board has established six standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee,
a Performance Oversight Committee, an Executive Committee, and a Leverage Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee and the Leverage Committee, each of
which also has one interested Board Member).</P>

<P style="TEXT-ALIGN: left"><B>The Agreements</B></P>

<P style="TEXT-ALIGN: left">Pursuant to the 1940 Act, the Boards are required to consider the continuation of the Agreements on an annual basis. The Boards have four quarterly meetings per year, each extending over two days, and a fifth meeting to
consider specific information surrounding the consideration of renewing the Agreements. In connection with this process, the Boards assessed, among other things, the nature, scope and quality of the services provided to the Funds by BlackRock, its
personnel and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services, risk oversight, compliance and assistance in meeting applicable legal and regulatory
requirements.</P>

<P style="TEXT-ALIGN: left">The Boards, acting directly and through their respective committees, considered at each of their meetings, and from time to time as appropriate, factors that are relevant to their annual consideration of the renewal of the
Agreements, including the services and support provided by BlackRock to the Funds and their shareholders. Among the matters the Boards considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds,
and applicable benchmarks, if any, as well as senior management&rsquo;s and portfolio managers&rsquo; analyses of the reasons for any over performance or underperformance against their peers and/or benchmark, as applicable; (b) fees, including advisory,
administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Funds for services such as call center and fund accounting; (c) Fund operating expenses and how BlackRock allocates expenses to the Funds; (d) the resources
devoted to, risk oversight of, and compliance reports relating to, implementation of the Funds&rsquo; investment objectives, policies and restrictions; (e) the Funds&rsquo; compliance with their Code of Ethics and other compliance policies and
procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock&rsquo;s and other service providers&rsquo; internal controls and risk and compliance oversight mechanisms; (h)
BlackRock&rsquo;s implementation of the proxy voting policies approved by the Boards; (i) execution quality of portfolio transactions; (j) BlackRock&rsquo;s implementation of the Funds&rsquo; valuation and liquidity procedures; (k) an analysis of
management fees ratios for products with similar investment objectives across the open-end fund, closed-end fund and institutional account product channels, as applicable; (l) BlackRock&rsquo;s compensation methodology for its investment professionals
and the incentives it creates; and (m) periodic updates on BlackRock&rsquo;s business.</P>

<P style="TEXT-ALIGN: left">The Boards have engaged in an ongoing strategic review with BlackRock of opportunities to consolidate funds and of BlackRock&rsquo;s commitment to investment performance. In addition, the Board requested, to the extent
reasonably possible, an analysis of the risk and return relative to selected funds in peer groups. BlackRock provides information to the Board in response to specific questions. These questions covered issues such as profitability, including the impact
of BlackRock&rsquo;s upfront costs in sponsoring closed-end funds and the relative profitability of closed-end and open end funds, investment performance and management fee levels. The Board considered the importance of: (i) managing fixed income assets
with a view toward preservation of capital; (ii) portfolio managers&rsquo; investments in the funds they manage; (iii) BlackRock&rsquo;s controls surrounding the coding of quantitative investment models; and (iv) BlackRock&rsquo;s oversight of
relationships with third party service providers.</P>

<P style="TEXT-ALIGN: left">The Board of each of BKN, BKK, BFK, BPS and BSD considered BlackRock&rsquo;s efforts during the past year with regard to refinancing outstanding AMPS, as well as ongoing time and resources devoted to other forms of preferred
shares and alternative leverage. As of the date of this report each of BKN, BFK, BPS and BSD has redeemed 100% of its outstanding AMPS, and BKK has redeemed 2.1% of its outstanding AMPS.</P>

<P style="TEXT-ALIGN: left"><B>Board Considerations in Approving the Agreements</B></P>

<P style="TEXT-ALIGN: left"><B>The Approval Process: </B>Prior to the April 26, 2012 meeting, the Boards requested and received materials specifically relating to the Agreements. Each Board is engaged in a process with its independent legal counsel and
BlackRock to review periodically the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April meeting included (a) information independently compiled and prepared by Lipper, Inc.
(&ldquo;Lipper&rdquo;) on Fund fees and</P><!-- Field: Page; Sequence: 63 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name="page_63"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)</FONT></P>

<P style="TEXT-ALIGN: left">expenses and the investment performance of each Fund as compared with a peer group of funds as determined by Lipper and, with respect to BKN, BTA, BFK, BPS and BSD, a customized peer group selected by BlackRock (collectively,
&ldquo;Peers&rdquo;); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees (a
combination of the advisory fee and the administration fee, if any) charged to other clients, such as institutional clients and open-end funds, under similar investment mandates, as applicable; (d) the existence, impact and sharing of potential economies
of scale; (e) a summary of aggregate amounts paid by each Fund to BlackRock and (f) if applicable, a comparison of management fees to similar BlackRock closed-end funds, as classified by Lipper.</P>

<P style="TEXT-ALIGN: left">At an in-person meeting held on April 26, 2012, the Boards reviewed materials relating to their consideration of the Agreements. As a result of the discussions that occurred during the April 26, 2012 meeting, and as a
culmination of the Boards&rsquo; year-long deliberative process, the Boards presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the May 22-23,
2012 Board meeting.</P>

<P style="TEXT-ALIGN: left">At an in-person meeting held on May 22-23, 2012, each Board, including all the Independent Board Members,
unanimously approved the continuation of the Advisory Agreement between the Manager and its Fund, and the Sub-Advisory Agreement
among the Manager, the Sub-Advisor, and its Fund, each for a one-year term ending June 30, 2013. In approving the continuation
of the Agreements, the Boards considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment
performance of the Funds and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock
and its affiliates from their relationship with the Funds; (d) economies of scale; (e) fall-out benefits to BlackRock as a result
of its relationship with the Funds; and (f) other factors deemed relevant by the Board Members.</P>

<P style="TEXT-ALIGN: left">The Boards also considered other matters they deemed important to the approval process, such as payments made to BlackRock or its affiliates relating to securities lending, services related to the valuation and pricing of Fund
portfolio holdings, direct and indirect benefits to BlackRock and its affiliates from their relationship with the Funds and advice from independent legal counsel with respect to the review process and materials submitted for the Boards&rsquo; review. The
Boards noted the willingness of BlackRock personnel to engage in open, candid discussions with the Boards. The Boards did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various
items considered.</P>

<P style="TEXT-ALIGN: left"><B>A. Nature, Extent and Quality of the Services Provided by BlackRock: </B>The Boards, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Funds. Throughout the
year, the Boards compared Fund performance to the performance of a comparable group of closed-end funds and/or the performance of a relevant benchmark, if any. The Boards met with BlackRock&rsquo;s senior management personnel responsible for investment operations, including the senior investment officers. Each Board also reviewed the
materials provided by its Fund&rsquo;s portfolio management team discussing Fund performance and the Fund&rsquo;s investment objective, strategies and outlook.</P>

<P style="TEXT-ALIGN: left">The Boards considered, among other factors, the number, education and experience of BlackRock&rsquo;s investment personnel generally and their Funds&rsquo; portfolio management teams, investments by portfolio managers in the
funds they manage, BlackRock&rsquo;s portfolio trading capabilities, BlackRock&rsquo;s use of technology, BlackRock&rsquo;s commitment to compliance, BlackRock&rsquo;s credit analysis capabilities, BlackRock&rsquo;s risk analysis and oversight
capabilities and BlackRock&rsquo;s approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards engaged in a review of BlackRock&rsquo;s compensation structure with respect to their Funds&rsquo;
portfolio management teams and BlackRock&rsquo;s ability to attract and retain high-quality talent and create performance incentives.</P>

<P style="TEXT-ALIGN: left">In addition to advisory services, the Boards considered the quality of the administrative and non-investment advisory services provided to the Funds. BlackRock and its affiliates provide the Funds with certain services (in
addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with the following administrative
services including, among others: (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with
analysts to support secondary market trading of the Funds; (iii) assisting with daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers;
(vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; and (viii) performing other administrative functions necessary for the operation of the Funds, such as tax reporting,
fulfilling regulatory filing requirements and call center services. The Boards reviewed the structure and duties of BlackRock&rsquo;s fund administration, accounting, legal and compliance departments and considered BlackRock&rsquo;s policies and
procedures for assuring compliance with applicable laws and regulations.</P>

<P style="TEXT-ALIGN: left"><B>B. The Investment Performance of the Funds and BlackRock: </B>The Boards, including the Independent Board Members, also reviewed and considered the performance history of their Funds. In preparation for the April 26, 2012
meeting, the Boards worked with its independent legal counsel, BlackRock and Lipper to develop a template for, and was provided with reports independently prepared by Lipper, which included a comprehensive analysis of each Fund&rsquo;s performance. The
Boards also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper&rsquo;s rankings. In connection with its review, each Board received and reviewed information
regarding the investment performance, based on net asset value (NAV), of its Fund as compared to funds in that Fund&rsquo;s applicable Lipper category and, with respect to BKN, BTA, BFK, BPS and BSD, a</P><!-- Field: Page; Sequence: 64 -->
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<A name="page_64"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)</FONT></P>

<P style="TEXT-ALIGN: left">customized peer group selected by BlackRock. The Boards were provided with a description of the methodology used by Lipper to select peer funds and periodically meets with Lipper representatives to review their methodology.
Each Board and such Board&rsquo;s Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of the Fund throughout the year.</P>

<P style="TEXT-ALIGN: left">The Board of each of BKN, BFK, BPS and BSD noted that, in general, its respective Fund performed better than its Peers in that the Fund&rsquo;s performance was at or above the median of its Customized Lipper Peer Group
Composite in each of the one-, three- and five-year periods reported. Based on its discussions with BlackRock and the Board&rsquo;s review of its respective Fund&rsquo;s investment performance compared to its Lipper Peer Group, the methodology used by
Lipper to select peer funds, and other relevant information provided by BlackRock, the Board of each of BKN, BFK, BPS and BSD noted that its respective Fund&rsquo;s investment performance as compared to its Customized Lipper Peer Group Composite provided
a more meaningful comparison of the Fund&rsquo;s relative performance. The composite performance metric is a measurement blend of total return and yield.</P>

<P style="TEXT-ALIGN: left">The Board of BTA noted that, in general, BTA performed better than its Peers in that BTA&rsquo;s performance was at or above the median of its Customized Lipper Peer Group Composite in two of the one-, three- and five-year
periods reported. Based on its discussions with BlackRock and the Board&rsquo;s review of BTA&rsquo;s investment performance compared to its Lipper Peer Group, the methodology used by Lipper to select peer funds, and other relevant information provided
by BlackRock, the Board noted that BTA&rsquo;s investment performance as compared to its Customized Lipper Peer Group Composite provided a more meaningful comparison of BTA&rsquo;s relative performance. The composite performance metric is a measurement
blend of total return and yield.</P>

<P style="TEXT-ALIGN: left">The Board of BKK noted that BKK performed below the median of its Lipper Performance Universe Composite in each of the one-, three- and five-year periods reported. Based on its discussions with BlackRock and the Board&rsquo;s
review of BKK&rsquo;s investment performance compared to its Lipper Peer Group, the methodology used by Lipper to select peer funds, and other relevant information provided by BlackRock, the Board noted that BKK&rsquo;s investment performance as compared
to its Lipper Performance Universe Composite provided a more meaningful comparison of BKK&rsquo;s relative performance. The composite performance metric is a measurement blend of total return and yield. The Board of BKK and BlackRock reviewed and
discussed the reasons for BKK&rsquo;s underperformance during these periods compared with its Peers. The Board of BKK was informed that, among other things, BKK has a targeted maturity, and as such is managed to achieve the specific maturity goal.</P>

<P style="TEXT-ALIGN: left"><B>C. Consideration of the Advisory/Management Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from </B><B>their Relationship with the Funds: </B>Each Board, including the
Independent Board Members, reviewed its Fund&rsquo;s contractual management fee rate compared with the other funds in its Lipper category. It also compared the Fund&rsquo;s total expense ratio, as well as actual management fee rate, to those of other
funds in its Lipper category. Each Board considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.</P>

<P style="TEXT-ALIGN: left">The Boards received and reviewed statements relating to BlackRock&rsquo;s financial condition and profitability with respect to the services it provided the Funds. The Boards were also provided with a profitability analysis
that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Funds. The Boards reviewed BlackRock&rsquo;s profitability with respect to the Funds and other funds the Boards currently oversee for the year ended
December 31, 2011 compared to available aggregate profitability data provided for the years ended December 31, 2010, and December 31, 2009. The Boards reviewed BlackRock&rsquo;s profitability with respect to other fund complexes managed by the Manager
and/or its affiliates. The Boards reviewed BlackRock&rsquo;s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that
profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, expense allocations and business mix, and the difficulty of comparing profitability as a
result of those factors.</P>

<P style="TEXT-ALIGN: left">The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Boards considered BlackRock&rsquo;s overall operating margin, in general, compared to the
operating margin for leading investment management firms whose operations include advising closed-end funds, among other product types. In addition, the Boards considered, among other things, certain third party data comparing BlackRock&rsquo;s operating
margin with that of other publicly-traded asset management firms. The Boards considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock&rsquo;s expense management, and the relative
product mix.</P>

<P style="TEXT-ALIGN: left">In addition, the Boards considered the cost of the services provided to the Funds by BlackRock, and BlackRock&rsquo;s and its affiliates&rsquo; profits relating to the management of the Funds and the other funds advised by
BlackRock and its affiliates. As part of its analysis, the Boards reviewed BlackRock&rsquo;s methodology in allocating its costs to the management of the Funds. The Boards also considered whether BlackRock has the financial resources necessary to attract
and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Boards.</P>

<P style="TEXT-ALIGN: left">The Board of each BKN, BKK, BPS and BSD noted that its respective Fund&rsquo;s contractual management fee ratio (a combination of the advisory fee and the administration fee, if any) was lower than or equal to the median
contractual management fee ratio paid by the Fund&rsquo;s Peers, in each case before taking into account any expense reimbursements or fee waivers.</P>

<P style="TEXT-ALIGN: left">The Board of BFK noted that BFK&rsquo;s contractual management fee ratio (a combination of the advisory fee and the administration fee, if any) was above the median contractual management fee ratio paid by BFK&rsquo;s
Peers,</P><!-- Field: Page; Sequence: 65 -->
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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)</FONT></P>

<P style="TEXT-ALIGN: left">in each case before taking into account any expense reimbursements or fee waivers. The Board of BFK also noted, however, that BFK&rsquo;s contractual management fee ratio was reasonable relative to the median contractual
management fee ratio paid by BFK&rsquo;s peers.</P>

<P style="TEXT-ALIGN: left">The Board of BTA noted that BTA&rsquo;s contractual management fee ratio (a combination of the advisory fee and the administration fee, if any) was above the median contractual management fee ratio paid by BTA&rsquo;s Peers,
in each case before taking into account any expense reimbursements or fee waivers. The Board of BTA also noted, however, that BTA&rsquo;s actual management fee ratio, after giving effect to any expense reimbursements or fee waivers by BlackRock, was
lower than or equal to the median actual management fee ratio paid by BTA&rsquo;s Peers, after giving effect to any expense reimbursements or fee waivers.</P>

<P style="TEXT-ALIGN: left"><B>D. Economies of Scale: </B>Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of its Fund increase. Each Board also considered the extent
to which its Fund benefits from such economies and whether there should be changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory
fee based upon the asset level of the Fund.</P>

<P style="TEXT-ALIGN: left">Based on the Board&rsquo;s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after
the initial public offering. They are typically priced at scale at a fund&rsquo;s inception. The Board noted that only one closed-end fund in the Fund Complex has breakpoints in its advisory fee structure.</P>

<P style="TEXT-ALIGN: left"><B>E. Other Factors Deemed Relevant by the Board Members: </B>The Boards, including the Independent Board Members, also took into account other ancillary or &ldquo;fall-out&rdquo; benefits that BlackRock or its affiliates may
derive from their respective relationships with the Funds, both tangible and intangible, such as BlackRock&rsquo;s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in
BlackRock&rsquo;s profile in the investment advisory community, and the engagement of BlackRock&rsquo;s affiliates as service providers to the Funds, including securities lending and cash management services. The Boards also considered BlackRock&rsquo;s
overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Boards also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund
transactions to assist in managing all or a number of its other client accounts. Each Board further noted that it had considered the investment by BlackRock&rsquo;s funds in exchange traded funds (i.e., ETFs) without any offset against the management
fees payable by the funds to BlackRock.</P>

<P style="TEXT-ALIGN: left">In connection with its consideration of the Agreements, the Boards also received information regarding BlackRock&rsquo;s brokerage and soft dollar practices. The Boards received reports from BlackRock which included
information on brokerage commissions and trade execution practices throughout the year.</P>

<P style="TEXT-ALIGN: left">The Boards noted the competitive nature of the closed-end fund marketplace and that shareholders are able to sell their Fund shares in the secondary market if they believe that the Fund&rsquo;s fees and expenses are too high
or if they are dissatisfied with the performance of the Fund.</P>

<P style="TEXT-ALIGN: left"><B>Conclusion</B></P>

<P style="TEXT-ALIGN: left">Each Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its Fund for a one-year term ending June 30, 2013, and the Sub-Advisory Agreement
among the Manager, the Sub-Advisor, and its Fund for a one-year term ending June 30, 2013. Based upon its evaluation of all of the aforementioned factors in their totality, each Board, including the Independent Board Members, was satisfied that the terms
of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling,
but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making these
determinations. The contractual fee arrangements for the Funds reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As
a result, the Board Members&rsquo; conclusions may be based in part on their consideration of these arrangements in prior years.</P><!-- Field: Page; Sequence: 66 -->
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<A name="page_66"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Officers and Trustees</FONT></P>


<DIV STYLE="margin-right: 20pt; width: 48%; float: left;">


<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Richard E. Cavanagh, Chairman of the Board and Trustee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Karen P. Robards, Vice
Chairperson of the Board, Chairperson of the Audit Committee and Trustee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Paul L. Audet, Trustee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Michael J. Castellano, Trustee
and Member of the Audit Committee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Frank J. Fabozzi, Trustee and Member of the Audit Committee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Kathleen F. Feldstein, Trustee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">James
T. Flynn, Trustee and Member of the Audit Committee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Henry Gabbay, Trustee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Jerrold
B. Harris, Trustee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">R. Glenn Hubbard, Trustee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">W. Carl Kester, Trustee and Member of the Audit Committee</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">John M. Perlowski,
President and Chief Executive Officer</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Anne Ackerley, Vice President</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Brendan Kyne, Vice President</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Robert W. Crothers, Vice
President<SUP>1</SUP></P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt"><SUP></SUP>Neal Andrews, Chief Financial Officer</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Jay Fife, Treasurer</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Brian Kindelan, Chief Compliance Officer
and Anti-Money Laundering Officer</P>

<P STYLE="text-align: left; margin-left: 6pt; text-indent: -6pt; margin-top: 0pt; margin-bottom: 0pt">Janey Ahn, Secretary<SUP>2</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Effective May 22, 2012, Robert W. Crothers became Vice President of the Trusts.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Effective May 22, 2012, Ira P. Shapiro resigned as Secretary of the Trusts and Janey
Ahn became Secretary of the Trusts.</TD>
</TR></TABLE>
</DIV><DIV style="width: 48%; float: right;">



<P style="TEXT-ALIGN: left"><B>Investment Advisor</B><BR>BlackRock Advisors, LLC<BR>Wilmington, DE 19809</P>

<P style="TEXT-ALIGN: left"><B>Sub-Advisor</B><BR>BlackRock Financial Management, Inc.<BR>New York, NY 10022</P>

<P style="TEXT-ALIGN: left"><B>Custodian and Accounting Agent</B><BR>State Street Bank and Trust Company<BR>Boston, MA 02110</P>

<P style="TEXT-ALIGN: left"><B>Transfer Agent</B><BR><B>Common Shares:</B><BR>Computershare Trust Company, N.A.<BR>Canton, MA 02021</P>

<P style="TEXT-ALIGN: left"><B>AMPS Auction Agent</B><BR>The Bank of New York Mellon<BR>New York, NY 10286</P>

<P style="TEXT-ALIGN: left"><B>VRDP Tender and Paying Agent and</B><BR><B>VMTP Redemption and Paying Agent</B><BR>The Bank of New York Mellon<BR>New York, NY 10289</P>

<P style="TEXT-ALIGN: left"><B>VRDP Liquidity Provider</B><BR>Citibank, N.A.<BR>New York, NY 10179</P>

<P style="TEXT-ALIGN: left"><B>VRDP Remarketing Agent</B><BR>CitiGroup Global Markets, Inc.<BR>New York, NY 10179</P>

<P style="TEXT-ALIGN: left"><B>Independent Registered Public Accounting Firm</B><BR>Deloitte &amp; Touche LLP<BR>Boston, MA 02116</P>

<P style="TEXT-ALIGN: left"><B>Legal Counsel</B><BR>Skadden, Arps, Slate, Meagher &amp; Flom LLP<BR>New York, NY 10036</P>

<P style="TEXT-ALIGN: left"><B>Address of the Trusts</B><BR>100 Bellevue Parkway<BR>Wilmington, DE 19809</P>

</div><br style="clear:both">
<BR>


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<A name="page_67"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Additional Information</FONT></P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Proxy Results</FONT></B></P>

<P style="TEXT-ALIGN: left">The Annual Meeting of Shareholders was held on July 27, 2012 for shareholders of record on May 31, 2012 to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.</P>

<P style="TEXT-ALIGN: left">Approved the Class II Trustees as follows:</P>

<DIV align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial">



<TR>

   <TD STYLE="width: 11%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 4%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD>

   <TD STYLE="width: 4%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 10%; text-align: center"></TD>

   <TD STYLE="width: 7%; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-top: Black 1px solid; text-align: center">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; border-top: Black 1px solid; text-align: center"><B>Frank J. Fabozzi </B><B><SUP>1</SUP></B></TD>

   <TD STYLE="border-top: Black 1px solid; text-align: center">&nbsp;<B></B></TD>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; border-top: Black 1px solid; text-align: center"><B>James T. Flynn</B></TD>

   <TD STYLE="border-top: Black 1px solid; text-align: center"><B></B>&nbsp;</TD>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; border-top: Black 1px solid; text-align: center"><B>Karen P. Robards</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Votes For</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Votes</B><BR><B>Withheld</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Abstain</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">&nbsp;<B></B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Votes For</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Votes</B><BR><B>Withheld</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Abstain</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B></B>&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Votes For</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Votes</B><BR><B>Withheld</B></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center"><B>Abstain</B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKN</TD>

   <TD STYLE="text-align: right">1,259</TD>

   <TD STYLE="text-align: right">0</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">15,716,126</TD>

   <TD STYLE="text-align: right">352,471</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">15,728,393</TD>

   <TD STYLE="text-align: right">340,204</TD>

   <TD STYLE="text-align: center">0</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BTA</TD>

   <TD STYLE="text-align: right">12,404,732</TD>

   <TD STYLE="text-align: right">332,223</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">12,385,461</TD>

   <TD STYLE="text-align: right">351,494</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">12,404,706</TD>

   <TD STYLE="text-align: right">332,249</TD>

   <TD STYLE="text-align: center">0</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BKK</TD>

   <TD STYLE="text-align: right">5,659</TD>

   <TD STYLE="text-align: right">981</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">18,901,940</TD>

   <TD STYLE="text-align: right">638,240</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">18,878,633</TD>

   <TD STYLE="text-align: right">661,547</TD>

   <TD STYLE="text-align: center">0</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BFK</TD>

   <TD STYLE="text-align: right">2,708</TD>

   <TD STYLE="text-align: right">0</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">41,296,990</TD>

   <TD STYLE="text-align: right">1,175,494</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">41,395,486</TD>

   <TD STYLE="text-align: right">1,076,999</TD>

   <TD STYLE="text-align: center">0</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">BPS</TD>

   <TD STYLE="text-align: right">464</TD>

   <TD STYLE="text-align: right">154</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">1,915,477</TD>

   <TD STYLE="text-align: right">21,753</TD>

   <TD STYLE="text-align: center">0</TD>

   <TD STYLE="text-align: center"></TD>

   <TD STYLE="text-align: right">1,912,148</TD>

   <TD STYLE="text-align: right">25,082</TD>

   <TD STYLE="text-align: center">0</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left">BSD</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">429</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">0</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">0</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">6,626,655</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">223,957</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">0</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">6,609,481</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: right">241,131</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: center">0</TD></TR></TABLE></DIV>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Voted on by holders of Preferred Shares only.</TD>
</TR></TABLE>

<P style="TEXT-ALIGN: left">For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Paul L. Audet, Michael J. Castellano, Richard E. Cavanagh, Kathleen F.
Feldstein, Henry Gabbay, Jerrold B. Harris, R. Glenn Hubbard and W. Carl Kester.</P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>Dividend Policy</FONT></B></P>

<P style="TEXT-ALIGN: left">Each Trust&rsquo;s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the
Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that
month. As a result, the dividends paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts&rsquo; current accumulated but undistributed net investment
income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.</P><!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_68"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Additional Information (continued)</FONT></P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>General Information</FONT></B></P>

<P style="TEXT-ALIGN: left">On July 29, 2010, the Manager announced that a derivative complaint had been filed by shareholders of BSD and BFK, on July 27, 2010 in the Supreme Court of the State of New York, New York County. The complaint names the
Manager, BlackRock, Inc. and certain of the trustees, officers and portfolio managers of BSD and BFK (collectively, the &ldquo;Defendants&rdquo;) as defendants. The complaint alleges, among other things, that the Defendants breached fiduciary duties owed
to BSD and BFK and each of their Common Shareholders by redeeming AMPS at their liquidation preference. The complaint seeks unspecified damages for losses purportedly suffered by BSD and BFK as a result of the prior redemptions and injunctive relief
preventing BSD and BFK from redeeming AMPS at their liquidation preference in the future. On March 15, 2012, the Supreme Court of New York, New York County, entered an order consolidating the above-referenced derivative complaint with another derivative
complaint, containing almost identical allegations, already pending in that court. The court on March 15, 2012 also granted plaintiffs permission to file an amended complaint. On April 16, 2012, the plaintiffs filed a consolidated shareholder derivative
complaint. Defendants moved to dismiss the consolidated shareholder derivative complaint on July 20, 2012. Plaintiffs on September 14, 2012 moved to hold the defendants&rsquo; motion to dismiss in abeyance and allow plaintiffs limited discovery of the
Demand Review Committee of the Board of Directors, including depositions of its members and documents upon which they relied. Defendants filed a response on October 26, 2012, and plaintiffs filed a reply on November 20, 2012. The Defendants believe that
the claims asserted in the consolidated shareholder derivative complaint are without merit and intend to vigorously defend themselves in the litigation.</P>

<P style="TEXT-ALIGN: left">On February 9, 2012, the Board of BTA approved the removal of BTA&rsquo;s non-fundamental investment policies limiting BTA&rsquo;s investment in residual interest municipal tender option bonds to 25% of its net assets and
requiring that swaps may only be entered into with counterparties that are rated either A or A-1 or better by S&amp;P or Fitch, or A or P-1 or better by Moody&rsquo;s. As a result of these investment policy changes, BTA may invest more than 25% of its
net assets in residual interest municipal tender option bonds, which are derivative municipal securities that have embedded in them the risk of economic leverage. See The Benefits and Risks of Leveraging on page 11 and Note 1 of the Notes to Financial
Statements. In addition, BTA may enter into swaps with any counterparties approved by the Manager. Such counterparties may entail a greater degree of credit risk or risk of nonperformance than counterparties rated either A or A-1 or better by S&amp;P or
Fitch, or A or P-1 or better by Moody&rsquo;s. The Manager will seek to minimize BTA&rsquo;s exposure to counterparty risk by entering into swaps with counterparties the Manager believes to be creditworthy at the time they enter into such transactions.
To the extent BTA engages in swaps, shareholders of BTA will be dependent on the analytical ability of the Manager to evaluate the credit quality of counterparties to such transactions. In the event of the insolvency of a counterparty, BTA may not be
able to recover its assets, in full or at all, during the insolvency process. In addition, counterparties to investments may have no obligation to make markets in such investments and may have the ability to apply essentially discretionary margin and
credit requirements. The foregoing investment policy amendments will not alter BTA&rsquo;s investment objective.</P>

<P style="TEXT-ALIGN: left">The Trusts do not make available copies of their Statements of Additional Information because the Trusts&rsquo; shares are not continuously offered, which means that the Statement of Additional Information of each Trust has
not been updated after completion of the respective Trust&rsquo;s offerings and the information contained in each Trust&rsquo;s Statement of Additional Information may have become outdated.</P>

<P style="TEXT-ALIGN: left">During the period, there were no material changes in the Trusts&rsquo; investment objectives or policies or to the Trusts&rsquo; charters or by-laws that would delay or prevent a change of control of the Trusts that were not
approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts&rsquo; portfolios.</P>

<P style="TEXT-ALIGN: left">Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock&rsquo;s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock&rsquo;s
website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock&rsquo;s website in this report.</P><!-- Field: Page; Sequence: 69 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<A name="page_69"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Additional Information (continued)</FONT></P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>General Information (concluded)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>Electronic Delivery</B></P>

<P style="TEXT-ALIGN: left">Electronic copies of most financial reports are available on the Trusts&rsquo; web-sites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the
Trusts&rsquo; electronic delivery program.</P>

<P style="TEXT-ALIGN: left"><B>Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:</B></P>

<P style="TEXT-ALIGN: left">Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.</P>

<P style="TEXT-ALIGN: left"><B>Householding</B></P>

<P style="TEXT-ALIGN: left">The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called
&ldquo;householding&rdquo; and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the
mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 441-7762.</P>

<P style="TEXT-ALIGN: left"><B>Availability of Quarterly Schedule of Investments</B></P>

<P style="TEXT-ALIGN: left">The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts&rsquo; Forms N-Q are available on the SEC&rsquo;s website at
http://www.sec.gov and may also be reviewed and copied at the SEC&rsquo;s Public Reference Room in Washington, DC. Information on how to access documents on the SEC&rsquo;s website without charge may be obtained by calling (800) SEC-0330. The
Trusts&rsquo; Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.</P>

<P style="TEXT-ALIGN: left"><B>Availability of Proxy Voting Policies and Procedures</B></P>

<P style="TEXT-ALIGN: left">A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://
www.blackrock.com; and (3) on the SEC&rsquo;s website at http://www.sec.gov.</P>

<P style="TEXT-ALIGN: left"><B>Availability of Proxy Voting Record</B></P>

<P style="TEXT-ALIGN: left">Information about how the Trusts voted proxies relating to securities held in the Trusts&rsquo; portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at
http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC&rsquo;s website at http://www.sec.gov.</P>

<P style="TEXT-ALIGN: left"><B>Availability of Trust Updates</B></P>

<P style="TEXT-ALIGN: left">BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the &ldquo;Closed-end Funds&rdquo; section of http://www.blackrock.com. Investors and others are advised to
periodically check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock&rsquo;s website is intended to allow investors public access to information regarding the
Trusts and does not, and is not intended to incorporate BlackRock&rsquo;s website in this report.</P><!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">OCTOBER 31, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<A name="page_70"></A><BR>



<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><FONT color=#394C87>Additional Information (concluded)</FONT></P>

<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt"><B><FONT color=#394C87>BlackRock Privacy Principles</FONT></B></P>

<P style="TEXT-ALIGN: left">BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, &ldquo;Clients&rdquo;) and to safeguarding their non-public personal information. The following
information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.</P>

<P style="TEXT-ALIGN: left">If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply
with those specific laws, rules or regulations.</P>

<P style="TEXT-ALIGN: left">BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on
applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.</P>

<P style="TEXT-ALIGN: left">BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.</P>

<P style="TEXT-ALIGN: left">We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to
non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal
information of its Clients, including procedures relating to the proper storage and disposal of such information.</P><!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 3pt; border-top: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">SEMI-ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">OCTOBER 31, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<A name="page_72"></A><BR>

<a name="_bclPageBorder72"></a>
<P style="text-align: left;">
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 of future performance. Certain Trusts have leveraged their Common Shares, which creates risks
for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the dividend rates of the Preferred Shares, including AMPS, which are currently set at the
maximum reset rate as a result of failed auctions, may reduce the Common Shares&rsquo; yield. Statements and other information herein are as dated and are subject to change.</P>
<IMG src="a50579x72x1.jpg" border=0>
<BR><BR>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">#CEF -BK6-10/12-SAR</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><IMG src="a50579x72x2.jpg" border=0></TD></TR>
</TABLE>
<BR>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-top: 12pt">Item 2 &ndash;</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-top: 12pt">Code of Ethics &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 3 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Audit Committee Financial Expert &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 4 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Principal Accountant Fees and Services &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 5 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt"><FONT STYLE="font-size: 11pt">Audit Committee of Listed Registrants &ndash; Not Applicable to this semi-annual report</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 6 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Investments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">(a) The registrant&rsquo;s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 7 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Disclosure of Proxy Voting Policies and Procedures for Closed-End
    Management Investment Companies &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 8 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Portfolio Managers of Closed-End Management Investment Companies</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: -0.25in; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: -0.25in; padding-top: 12pt">(a)</TD>
    <TD STYLE="width: 86%; padding-right: -0.25in; padding-top: 12pt">Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in; padding-top: 12pt">(b)</TD>
    <TD STYLE="padding-right: -0.25in; padding-top: 12pt">As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt; width: 10%">Item 9 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt; width: 90%">Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers &ndash; Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 10 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Submission of Matters to a Vote of Security Holders &ndash; There have been no material changes to these procedures.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 11 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Controls and Procedures</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">(a) &ndash; The registrant&rsquo;s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) are effective as of a date within 90 days of the filing
of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b)
under the Securities Exchange Act of 1934, as amended.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">(b) &ndash; There were no changes in the registrant&rsquo;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Item 12 &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Exhibits attached hereto</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-top: 12pt">(a)(1) &ndash;</TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-top: 12pt">Code of Ethics &ndash; Not Applicable to this semi-annual report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">(a)(2) &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Certifications &ndash; Attached hereto</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">(a)(3) &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">(b) &ndash;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">Certifications &ndash; Attached hereto</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-top: 12pt">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">BlackRock Investment Quality Municipal Trust, Inc.</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 95%; padding-right: -0.25in"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock Investment Quality Municipal Trust, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">Date: January 3, 2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 95%; padding-right: -0.25in"><U>/s/ John M. Perlowski</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">John M. Perlowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Executive Officer (principal executive officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">BlackRock Investment Quality Municipal Trust, Inc.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">Date: January 3, 2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.25in">By:</TD>
    <TD STYLE="width: 95%; padding-right: -0.25in"><U>/s/ Neal J. Andrews</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Neal J. Andrews</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in">Chief Financial Officer (principal
financial officer) of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.25in"><P STYLE="margin: 0">BlackRock Investment Quality Municipal Trust, Inc.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">Date: January 3, 2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e50579ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock Investment Quality Municipal Trust, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-CSR of BlackRock Investment Quality Municipal Trust, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>









<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: January 3, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ John M. Perlowski</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">John M. Perlowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Executive Officer (principal executive
officer) of<BR>
BlackRock Investment Quality Municipal Trust, Inc.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; border-bottom: Black 0.75pt solid"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock Investment Quality Municipal Trust, Inc., certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-CSR of BlackRock Investment Quality Municipal Trust, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: January 3, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Neal J. Andrews</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Neal J. Andrews</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">Chief Financial Officer (principal financial
officer) of<BR>
BlackRock Investment Quality Municipal Trust, Inc.</P>



<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1350CERT
<SEQUENCE>3
<FILENAME>e50579ex99-1350cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Exhibit 99.1350CERT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and<BR>
Section 906 of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify">Pursuant to 18 U.S.C. &sect; 1350, the
undersigned officer of BlackRock Investment Quality Municipal Trust, Inc. (the &ldquo;registrant&rdquo;), hereby certifies, to
the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2012 (the &ldquo;Report&rdquo;)
fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Date: January 3, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ John M. Perlowski</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John M. Perlowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer (principal executive officer) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BlackRock Investment Quality Municipal Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify">Pursuant to 18 U.S.C. &sect; 1350, the
undersigned officer of BlackRock Investment Quality Municipal Trust, Inc. (the &ldquo;registrant&rdquo;), hereby certifies, to
the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2012 (the &ldquo;Report&rdquo;)
fully complies with the requirements of Section 13a of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Date: January 3, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Neal J. Andrews</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Neal J. Andrews</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer (principal financial officer) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BlackRock Investment Quality Municipal Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This certification is being furnished pursuant to Rule 30a-2(b)
under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR
with the Securities and Exchange Commission<B>.</B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B></B></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
